I think the US will make this choice clear when they meet the Chinese in Rome this week (I think). Supplying weapons and supporting Putin's war will force a cleavage between the authoritarian world and the democratic world. The West, Japan, South Korea, Australia, and New Zealand (among others) should make clear that they will work towards eliminating reliance on China for essentially anything if China decides to abet Putin's war. China likes to play both sides (warned the US about Russia's desire to exacerbate the Great Recession in 2008, told Russia that we knew they were invading and had asked China to help dissuade Putin), but they have to understand that continued growth/influence isn't guaranteed without the West. The West should also work to persuade TSMC and other chip manufacturers to duplicate their production facilities in Taiwan in the West because a war in Taiwan would cripple global microchip production and potentially lead to dependence on China.
My main worry is that Xi is very much like Putin in his revanchist aims and authoritarian domestic policies. He seems to want China to be the sole superpower rather than a potential competitor to the US. He also very much wants Taiwan under his thumb.