Maybe lol, but imo a lot of it is sensationalism to pander to the neocon crowd, and perhaps a bit of projection too given the state of the US. Either way the actual decision makers in US are still preparing for China to “overtake” them in the coming decade, at least judging by the trade wars, chip bans and the restructuring of the US military for multi-domain/near-peer conflict for 2028.
As for what's going on now, protests in China are usually focused on either replacing local officials or on policy, as these ones are over zero covid. It’s very rare to hear calls for the removal of CPC or the party leader (which wouldn't make much sense anyway given China's political structure), so I wouldn’t hedge on that being more than a small minority in places like Shanghai, but who knows, obviously can't get the full picture from the outside.
Considering the scale of the humanitarian crisis in the years following the USSRs collapse, I dread to think what that would look like in a country with 5x the population.