I think that China will try to use a sea-blockade to undo US influence over Taiwan if the situation gets too tense. It might take a few months or years, but that will likely work. The chances of the US being able of breaking that are very slim, the Chinese have large quantities of sophisticated anti ship missiles that will chew up basically any attempt at naval power projection.
China doesn't really want to fight a war in Taiwan. They consider it a part of China and they don't want to shoot up one of their provinces. That said it's somewhat more likely that at some point in the future China will seek to destroy US weapons that have been stationed in Taiwan. From their perspective that's US weapons on Chinese soil.
Another aspect is that China really hates all those US military bases that have popped up in it's vicinity. Shooting up those bases could make more sense than shooting up Taiwan because it would weaken the US ability for power projections in that region, and of course the ability for supporting Taiwan independence/secession. That might be a way for China to get Taiwan back in a mostly intact condition , and the stuff that ends up getting destroyed in such a war would be mostly stuff from the US military.
The game the US imperial bourgeoisie is playing is to make others destroy/damage each other. So the highest level of a Chinese victory is if they can prevent direct war where Chinese and Taiwanese soldiers fight against each other. If the US imperial goons however still manage to manufacture that Taiwan war, and force the Chinese to convert their massive industrial base to war production, they will get the ability to scuttle the US empire, and they'll likely use it.