Oh, I know the answer to this: no.
preempting state data protection laws
Ah, there, that's the real thing. The open secret is that the NSA has largely outsourced mass surveillance. There's no need for the government to spy on everyone if private industry already does, just make sure private industry pumps all that data to the NSA. Overriding potentially stronger state laws is the real goal here.
The other thing a "privacy law" would likely be used for is to attack foreign apps, like TikTok, in an attempt to ensure that the US continues having access to the data they gather. Or "protect the data of American citizens from foreigners" as they'll surely claim.
The one thing we can be certain of any "bipartisan law" is that the people being screwed are the American people.