I’m by no means an expert in international relations. However, with respect to your last paragraph, I do think that China monitors the development carefully. I would even go so far and assume that they won’t act on Taiwan until the situation in the Ukraine is decided. Not because the cases are so similar, but because China and Russia seem to be important partners for each other. Right now, China is supporting Russia financially by buying resources from them (if I’m not mistaken) and also supporting them with equipment embargoed by the EU/US. China will probably know what it’s risking when they attack Taiwan and I doubt that they want to create that sort of situation while one of their most important partners (might be mistaken here) is in a war that binds their resources and weakens their support for China.
On the other hand, they could also try to start the war on Taiwan soon, hoping that NATO/US stretch their support too thin.