It also doesn't matter that it isn't running by default in apps since the processes you really care about are the OS ones. If someone finds an exploit in tiktok, it doesn't matter all that much unless they find a way to elevate to an exploit on an OS process with higher permissions.
MTE (Memory Tagging Extension) is also has a double purpose, it blocks memory exploits as they happen, but it also detects and reports them back to Apple. So even if you have a phone before the 17 series, if any phone with MTE hardware gets hit, the bug is immediately made known to Apple and fixed in code.
You can also selectively turn it on in high-risk settings. I do so when I travel abroad or go through a border. (Haven't started doing it yet with TSA domestically. Let's see how the ICE fiasco evolves.)