Not exactly. Let me explain in a slightly roundabout way: there's an old article/song that states a truth "Do not read beauty magazines, they will only make you feel ugly." The Chinese government censorship requirements mean ByteDance certainly has the technology to prevent showing beauty magazines to teens (because they also have to suppress so much else), and the Chinese government (in a good bit of policy that goes with the bad) may have directly told them to use that technology to not show beauty magazines to teens. That means they loose some $$$ in China because they can't make Chinese teens feel ugly by showing them beauty magazines. However, they come to America, shut off that technology, and make go some $$$ in the US by making American teens feel ugly.

Note: I'm not literally talking about beauty magazines, I'm just using them as a stand in for "negative, but appealing" content, because that quote I started with came to mind.

These platforms are designed and optimized to achieve goals set by various parties. It's naive to look at a difference like this and assume the algorithm is neutral and they cause is some "difference in interests."