China is probably watching the latest developments in US support for Ukraine with great interest. If the support proves insufficient for Ukraine to win, they may conclude that there is no need for a proper invasion of Taiwan. That there is no need for an all-out war. They could just isolate the island, try to shoot down every plane and sink every ship, and take whatever casualties Americans are willing to take. If their navy and air force can match their US counterparts, they just need to spend more and last longer.
I think China would be far more aggressive with Taiwan if the West hadn't frozen Russia's central bank assets. That single move likely had the biggest impact in curtailing any expansionist dreams.
Great fictional book about a possible 2024 era war, "2034: A Novel of the Next World War", Novel by Elliot Ackerman and James G. Stavridis. It's much more realistic than other novels. China sinks multiple aircraft carriers, they completely hack the us and turn off the power and telecommunications. Then the shit hits the fan. Maybe a limited nuclear exchange will scare the other side, the us and china start thinking.