I'm all for setting a precedent if it's about banning chinese spyware and propaganda weapons.

That's a much better argument than what's presented in this meme. There's at least an argument to claim that the difference is about curtailing foreign interest through ownership. Ownership does heavily influence a platform. Unfortunately that hasn't prevented Murdock from owning more formal messaging platforms.

On a side note, how do you feel about a handful of corporations controlling and censoring the Internet?

Whataboutism means nothing at this point. Risk analysis? Whataboutism. Considering consequences? Whataboutism.

"Informal" means it's not actually a fallacy. Prooooobably because people use it way outside of its definition to dismiss arguments they don't like because they have not thought through whatever they are arguing about.