Not all, it just doesn’t work as a conspiracy theory.
China is currently using x86, ARM, MIPS (Loong arch) at scale. If RISC-V makes sense for them, they can use it with Linux now. Now, think about what happens if the hypothetical men in black manage to keep Google from supporting it. China has an enormous tech sector, so if it’s economically viable to use RISC-V for phones or tablets they can pay a couple of developers to support RISC-V in an Android fork, which is going to be popular if RISC-V is working for anyone else in the world, and their domestic market alone is large enough to support it. If that doesn’t make sense, they’ll continue using the same ARM devices they’re currently using because the men in black can’t tell anyone to stop using that platform.
Given how many US companies are looking into RISC-V, it’s also hard to see a ban being sustainable. If RISC-V starts to become competitive, American companies are not going to tolerate being shut out. If it doesn’t, being shut out won’t harm China.