The question is really whether this kind of long-term strategy is even realistic when you have a global empire that is aggressively trying to start wars and create chaos everywhere.

While this remains an open question, the theory is relatively strong. Wars destroy productive forces. That's not just what they do, it's a major component of their purpose. The USA military destroys productive forces. However, China's productive forces were built using USian and European capital, and the outputs of China's productive forces are the foundation of the West's economy. Destroying China's productive forces destroys the West's capital and destroys the West's commodity sources.

This is relatively new in history. It remains to be seen if these conditions will stop a war. If a war starts, it remains to be seen if these conditions will change the revolutionary conditions in the West sufficiently to bring about revolutionary defeatism at a large scale.