This is very different than historical propaganda efforts, were one had to target the largest common denominator.
Now you can send individualized messaging towards individual subgroups. You see some of this with politicians in the US saying one thing in a set of Facebook adds, while saying the opposite in another set. Because the ads are targeted, neither group sees the ads meant for the other group, Which allows for better tailoring of message.
On top of this the goal of a theoretical Chinese propaganda campaign is not necessarily to send a particular message, but to polarize and divide the country to make it even more disfunctional.
Historically, the same entity didn't have profiles, the ability to microtarget, and content.
Can you imagine a newspaper company that kept a profile on every household? And also repasted together a unique paper for each one?
Now the largest social media companies can do that trivially.