>fighting China would be a proper all-out war
I figure it would probably be like the US backing Ukraine's defense against Russia but backing Taiwan's defense against China. It would probably be quite hard for China to take Taiwan. There's a lot of sea in between and you can see how well Russia's navy has done against Ukraine's drones and missiles.
How hard would it be for China to make sure no ships or airplanes arrive to Taiwan for a few weeks? The island has only days worth of food and energy. No bloody D-Day landings needed to force a political capitulation. To continue to borrow from your example, Russia has completely shut down all commercial Ukrainian seaborne and airborne traffic.
Taiwan is one of the most heavily armed land masses on Earth (they buy mostly from the US).
I don't think so because China would not be sure what and how the US would be involved and because it would be incredibly risky to attack Taiwan without striking US forces in the area they'll likely attempt to strike US forces in Korea, Japan, Guam, the Philippines, and elsewhere.
The best US strategy is to just arm Taiwan to the teeth by selling weapons to make the invasion as risky as possible. But China can (and this is their smart play, IMO) is to just win Taiwan over politically over the long term.