Not just yet, they should wait for a little bit. The US isn't done depleting its inventory yet, the US might get itself in a lot deeper yet, and the US population will only detest the war even more given time. All of those things will help China take Taiwan. If Iran gets ugly enough the US population will just have that much less willingness to get involved in another major conflict. 3-18 months for Taiwan (9-18 more likely; China still needs some prep). There's no scenario where China isn't going to successfully take the island after this. They now know the US isn't at all prepared to stand off with them in coastal Asia. It would take years of surge production to get ready, the US doesn't have years re Taiwan.

If China is going in, we'll start to see large signs of that. They'll begin a number of prominent campaigns, including sabotage, propaganda, extremely large supply movements, and so on.

> The US isn't done depleting its inventory yet

Yes, reading articles like this one, I suspect it's going to be the lack of firepower that causes this administration to finally back out of the conflict. And with these number it sounds like it might be sooner than later.

If China were to learn anything important from Russia and the USAs "swift" wars it's: don't do it. They'll have the upper hand but a determined government and population will bog down their efforts for years and potentially destabilize politics at home.