Here's the thing: pieces of entertainment are also pulled if they offend American sensibilities. In fact, American sensibilities have exclusively determined what is acceptable in big-budget entertainment for at least half a century. Crap like the Blitzchung affair just reflects this balance shifting to 99% America, 1% China.
Yes, China has the power to cancel one thing from time to time, but America constantly has the power to cancel everything. If a big-budget production isn't appealing to an American audience, it just doesn't get made, period. For example, when's the last time you saw a Chinese protagonist in a major film? Or even a single Chinese person who wasn't portrayed as a villain, a dope, or a sex toy?
In a world with equitable global development, influence would be proportional to population. America would have a 5% say, China 20%, Africa 20%, India 25%, and so on. So I'm not worried about the balance shifting towards that.
I think we can fight for more Chinese roles in films, politicians, scientists, CEOs, more representation in all fields. However, I don't see how your argument about it being okay to "cancel" because China is just cancelling 1% and America is 99%.
I'd also not prefer to live in a CCP-centric world where Chinese people are not allowed to tell the truth without fear.[1][2]
We should call out Guantanamo Bay as well as the Xinjiang re-education camps, Liu Xiaobo, not allowing Hong Kong elections. It doesn't make either right because of the existence of the other. However, I have no fear of speaking publicly about Guantanamo Bay and then traveling to the US. But I have to make sure I remove all my private chat messages if I ever mentioned about the Xinjiang camps. That's the CCP-centric world that I see.
[1]https://en.wikipedia.org/wiki/Chen_Qiushi#February_2020_disa...
[2]https://www.scmp.com/news/china/society/article/3074622/coro...
Your point is exactly why we need to be afraid of any government's suppression of free speech. We need to support people like Jimmy Lai so the likes United States and the CCP cannot suppress the voice of good people. We need to be fearful of any government arresting anyone advocating for freedom. Regardless of your government, the goal is to support free speech and the freedom of the press.
https://www.businessinsider.com/nba-china-feud-timeline-dary...
https://en.wikipedia.org/wiki/Blitzchung_controversy
https://www.nytimes.com/2018/07/25/business/taiwan-american-...
https://www.nytimes.com/2019/08/12/fashion/china-donatella-v...
https://omaha.com/columnists/hansen/hansen-omaha-man-liked-a...
https://www.nytimes.com/2019/10/15/world/asia/abominable-vie...
https://www.bloomberg.com/news/articles/2011-11-01/china-say...