Europe should be prepared to ban Facebook and currently ban tiktok. American companies aren’t the same type of threat. Europe can reliably get them to follow their legislation.
When it comes to the intelligence aspect. America will share it’s intelligence and intelligence capabilities with most of Europe. Even when it doesn’t, it’s intended outcomes are aligned with Europe.
America supports Europes defence and economy substantially. In both things they are generally aligned. China doesn’t. It’s hostile to Europe and the US. China frequently performs industrial sabotage and theft against Europe and the US.
Europe should be challenging Facebook more, but the problems with Facebook are the same issue US citizens face. Europe can trust that the American government and Facebook to follow it’s laws in Europe. Regulations don’t matter to tiktok, it exists as part of the state apparatus. It will only ever feign compliance.
The foreign actors don’t control Facebook. They only exploit it. This is a significant difference.