This would be true only if China, et al, just took the jobs and did them the same. But Asia is not just known for their cheap labour, they are really really good at running factories and manufacturing products.

If their only value prop was cheap labour then manufacturing could easily have flourished in plenty of other countries with cheap labour (eastern europe, latin america, africa?). And plenty are geographically closer and have more similar language/culture to the western markets than Asia. But there is more to it, Asian countries have a talent for it and have mastered manufacturing and related industries like steel production.

I doubt any American factories could legitimately compete with Asia, even if the wages were the same, without some heavy-duty automation. And Asia has many other advantages around vertical integration of factories, such as access to raw materials, from there and other countries they've developed relationships with.

Now it's possible these advantages are just a side-effect of the fact the industry residing in Asia in recent decades but I believe there's far more to it, even regardless of the wage advantages, they are very much deserving of that industry.