It’s fair to call the Cape Tarkhankut site the linchpin of Russian air and naval defenses across the Black Sea. Which is why the Ukrainian armed forces blew it up.
The investment and business class seem to think it's at least a possibility. It's why Bershire Hathaway sold their TSMC shares and why TSMC has started building foundries outside of Taiwan.
Taiwan has no defensive treaties, and an invasion wouldn't automatically bring anyone else into the war. China, like Russia, is a nuclear power, so I doubt nuclear nations would directly join the war. It would be another Russia-Ukraine war situation, but economically catastrophic (because of this, I doubt China would invade unless it gets into an economic state where it doesn't have much to lose).