Vaguely like that.

Ostensibly, the US government honors the 1st and 4th amendments, and only restricts speech on the platform in rare instances where that speech is likely to incite or produce imminent lawless action, and only issues warrants for private data which are of limited scope for evidence where the government has probable cause that a crime has occurred.

The accusation is that the CCP and Bytedance have a much more intimate relationship than that, censoring (or compelling) speech and producing data for mere political favors. Whether or not this is true of Facebook's relationship with US political entities is up for debate.