When America sneezes, the rest of the world catches a cold. This was said after the OG 1929 crash and I can remember it said in the 80s. Nobody says it anymore.
Due to exorbitant privilege, with the dollar as the only currency that matters, every country that trades with America is swapping goods and services for 'bits of green paper'. Unless buying oil from Russia, these bits of green paper are needed to buy oil. National currencies and the Euro might as well be casino chips, mere proxies for dollars.
Just last week the IMF issued a warning regarding AI stocks and the risk they pose to the global economy if promises are not delivered.
With every hiccup, whether that be the dot com boom, 2008 or the pandemic, the way out is to print more money, with this money going in at the top, for the banks, not the masses. This amounts to devaluation.
When the Ukraine crisis started, the Russian President stopped politely going along with Western capitalism and called the West out for printing too much money during the pandemic. Cut off from SWIFT and with many sanctions, Russia started trading in other currencies with BRICS partners. We are now at a stage of the game where the BRICS countries, of which there are many, already have a backup plan for when the next US financial catastrophe happens. They just won't use the dollar anymore. Note that currently, China doesn't want any dollars making it back to its own economy, since that would cause inflation. So they invest their dollars in Belt and Road initiatives, keeping those green bits of paper safely away from China. They don't even need exports to the USA or Europe since they have a vast home market to develop.
Note that Russia's reserve of dollars and euros was confiscated. They have nothing to lose so they aren't going to come back into the Western financial system.
Hence, you are right. A market crash won't be a global systematic crisis, it just means that Shanghai becomes the financial capital of the world, with no money printing unless it is backed up by mineral, energy or other resources that have tangible value. This won't be great for the collective West, but pretty good for the rest of the world.