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I'm cautiously optimistic that may be the case as well. It's also worth noting that it's not just Elon that would be invested in this, but also many large tech corps like Apple and Nvidia. Their business model is entirely dependent on China, and these companies are load bearing pillars of the current US economy. If they crash then the US economy will start to unravel.
Honestly I'm not convinced. The anti-China brainworms ramped up considerably in his last term, more so than usual. Under Biden it's become even worse. Trump needs an external enemy and China has been his target for a while.
Trump invited Xi to attend his inauguration. From the perspective of a businessman (both Trump and Musk are, no matter how shitty of a businessman they have been), it makes sense to normalize relations with China in a way that would be acceptable to the huge ego of American exceptionalism.
Biden is a pure ideologue. He does not care about doing businesses. He wants war.