To be clear, they're not banning the app, they're banning ByteDance from having offices in Canada
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ByteDance will keep no data in Canada, will not employ any Canadians, will not report any information to Canadian authorities, and will have no reason to comply with Canadian warrants or court orders. (Or even judgments.) At the same time, all Canadians can continue to use the app.
On balance, this seems bad for Canada and great for ByteDance.
It's hard to balance anything until they explain why they did it. So far they claim they aren't at liberty to share but claim it was bad enough to make a very unprecedented move like this.