Not necessarily. CPC is still waiting to see what the US and NATO do in response to the Russian invasion, and especially Putin's threats of nuclear escalation.

If China perceives that all the West will do is sanctions on Russia, but no direct military intervention to prevent a democratic country from being taken over by force, then China will deduce that nuclear saber rattling is enough to ensure the US won't intervene in a Chinese invasion of Taiwan.

That may lead them to accelerate their plans to do just that, to accomplish it during a time that 1) Western leadership is easily deterred by nuclear threats, 2) the Chinese Navy has more ships than the US Navy, and 3) US and NATO are divided into fighting a 2-front war.

CPC is also waiting to see the full extent of sanctions on and potential decoupling with Russia, how far the West will go in that regard. If CPC believes they could survive the same, again they'll be encouraged to accelerate their Taiwain plans.

The jury's still out, but it's not a given that events have already decelerated CPC's intent to invade Taiwan. That's still up in the air.