Chinese government is way more pragmatic, Taiwan is not a fish big enough to cover losses due to international trade disturbance.
The US is more than capable of winning both and the Chinese know it.
In contrast to the Russians, the Chinese are completely dependent on international trade to keep people fed and the lights on.
I don't buy this. Once you get a country in the mood for war, the marginal cost to them of more war gets less and less. In for a penny/in for a pound as they say.
If anything, I bet China has had to think twice about Taiwan after seeing the way the world has reacted to Russia. China has not been tested against a determined, capable enemy and their credibility as a superpower is at stake. They could lose to Taiwan even if no one helps Taiwan.
Getting a European war going that draws US forces out of the Pacific is an obvious benefit if you want to invade Taiwan.