assuming the legislation only bans users with accounts

It requires the providers of social media platforms that full under the legislation to take reasonable steps to prevent users under the age of 16 from having an account with the platform (this is very close to the actual wording used). The media’s reporting on this has been very lazy and misleading because it’s clearly not a complete ban, as has been repeatedly suggested. You can also use TikTok without an account and it will also still continue to provide algorithmic recommendations.