I'm not convinced that China won't attack Taiwan on its own schedule no matter what happens in Ukraine. That said, there is merit to this point of view. The 1960s perspective would be that not everything is Munich. The 1930s perspective would be that yes, but Munich was terrible for Czechoslovakia and Poland and everywhere else.
The US genuinely is racing to match a massive arms buildup in the Western Pacific and bringing as many allies as can be gathered to the collective security structure there. Chinese weapons being sent to Russia to help them kill Ukraine seem to be happening and that sucks.
An interesting potential future development would be when China decides to try out their newest weapons in Ukraine to give them real world tests. I'm sure Russia would love that. I'm sure it would have devastating effects.