I'm afraid this largely underestimates the complexity of designing a combat aircraft. Keep in mind it is useless to be "good enough" for a fighter, you must be on par or superior to the others on at least a some aspects.
Also, don’t produce something when it’s cheaper to buy it.
Suppose you buy fighter jets from China, but tensions rise and you somehow cut diplomatic ties. How are you going to get maintenance parts. Very inaccurate example but just to illustrate that yes, economically, your idea makes sense. Geopolitically, it depends.
Buy the planes with spare parts and training. When calculating a price for a plane, include not just the price tag, but also the risks of getting these planes unusable in ten years.
So yes, buying jets from China might be not the best idea even if they initially seem cheaper. But that’s not the case for US jets.
Maintaining a Sovereign Nation 101 is that you do not entrust your national security to another country. Sure, it's more expensive to do your own R&D and manufacturing, but you get the peace of mind that your continued existence does not depend on a foreign government's continual blessing.
Why? It's hard to predict how relationships with the US will look over the next 40 years (F-18 is 37 years old). Especially with relationships on a downward trajectory during Bush's and Trump's presidency.
Sure, the risk is a lot smaller than with China, but it does exist
The only possible attackers then are either NATO states (which are largely democratic and "civilized" so that the people wouldn't tolerate a surprise attack on another "white"-country) or some foes attacking NATO. In both cases they are screwed anyway and unless they decide to attack NATO with an outside foe, I'd be glad to see some American made, Swiss-flown CAP over Europe (which, sincerely is the most likely outcome if Switzerland really is democratic and not just a safe haven for corrupt elites).
Its not only about figuring out next gen avionics (which is a feat on its own with unstable constructions these days), but also integration with radar, weapon systems and overall integration within the battlefield.
Since Suisse align on most if not all levels to west culture/mindset, I would say they should buy/rent some western-built ones. Anyway the idea of surviving major air conflict with any superpower is laughable. If you consider neighbors, France, Germany and possibly Italy would also decimate air force quickly (no clue about Austrians).
Maybe not the highest and most expensive tech since it won't be used in any real conflict anyway. A-10 equivalent would be a good choice for ground support for example.