I think China's superpower is concentrating supply chains and specialization on a scale and to an effect / competitive advantage that's only possible when drawing from a population of 1.4 billion who speak the same language and share the same infrastructure and regulatory frame. No one else is really going to replicate that. The idea that a loose assembly of countries like ASEAN separated by geography, language, laws is going to be more efficient than China... who still has 2X more people to draw from is a nonstarter. India possibly but unlikely.
I think the future is separate assembled in Vietnam and India lines to circumvent tariffs while China gets promoted to designer + manufacturer of advanced products. Though truthfully China can choke even assembled elsewhere prospects if she ever decides to weaponize sanctions like US does. While Chinese manufacturing labour concentrated in coastal regions is has gotten expensive, China is not short of cheap labour. There's about 600M rural people whose income range from Bangladesh to Vietnam in the interior provinces. If China _really_ wanted to, they could recapture all these markets, and there's some indications things might move that way as domestic policies focus on interior development.
I'm tempted to say the process was accelerated in China, but then again the heyday of U.S. manufacturing was only 20-30 years, maybe 40-50 if you include 1920s appliances boom[1], as the shift to Japan was in full swing by the 1970s. China is at about the 30 year mark (1990-2020), so if we really wanted to take a long-term historical perspective none of the contemporary politics matters--industrialization dynamics are running their natural course and choosing our politicians based on how "tough" they are on China (regarding trade policy) is pointless.
[1] Though I don't know if the industry's share of the labor market was significant, the U.S. dominated the appliances industry in the 1920s, so much so that it significantly contributed to the Great Depression. Not only did it directly inflate investment markets, the unbalanced trade with Europe, exacerbated by the gold standard, caused monetary deflation in European economies, which contributed to labor problems (stagnant wages, increasing unemployment), which in turn ultimately crashed foreign demand for both American appliances and investments. At least that's what I remember from reading Lords of Finance.