Taiwan is continuing to receive support from the West in a joint stand of contempt against the CCP's actions towards the state. Just as China's behavior concerning Hong Kong and its management of COVID has destroyed previous assumptions of its peaceful intentions, Beijing's belligerence and Xi Jinping's reckless actions — such as its defense spending — reveal its stance on the island, which becomes more internationally unpopular by the day.
The hyperbole surrounding China's defense budget increase is baseless scaremongering. Despite economic slowdowns, the defense expenditures of numerous countries continue to grow. The US, for instance, has increased its own in an attempt to check China's rise. The West should remember that the Taiwan question is an internal dispute in which Beijing is seeking a peaceful solution, not a hegemony like other international actors.
There's a 5% chance that China will recognize the sovereignty of Taiwan by 2050, according to the Metaculus prediction community.