Or arguably a successful air/sea blockade which is where I suspect Chinese strategy is more targeted.
That might be the case, but I think it could arouse the international community earlier. If the USA or a combination of allies including Australia decide to run the blockade, the onus is then on the Chinese to shoot first, and thereby remove the patina of innocence. And even if it turns into a standoff, that allows political wheels worldwide to turn, in order to engender more support for Taiwan.
I don't think the Chinese will choose that option because it will telegraph any impending move and put them on the back foot.
Also, under international law, a blockade is an act of war, and liable to military response. And while Taiwan is no superpower, it could certainly put a hurtin' on any blockading -- as well as any forthcoming invading -- forces. In other words, the Chinese will be risking forces before any shooting begins.
In the end, it boils down to whether Biden's assurances are solid or not. Keep in mind that America is not only reassuring Taiwan with those words, but also other Far East allies. An American failure to support Taiwan would spell the end of American security assurances for both Japan and South Korea as well, which would obviously widen the Far East arms race.
So I believe that America would broach any declared blockade. The failure to do so would be to accept defeat without a shot, not only in Taiwan, but in the Far East as a whole. Munich redux, really.