That is the reasoning that is most at risk here. China's tactical ability to succeed in Taiwan is not really related to America's ability to succeed in Venezuela.
However, assuming the US gets away with this diplomatically, this does set a real precedent that countries can get away with this diplomatically; which will make it harder to organize diplomatic and economic responses to China.
I disagree. This doesn't really change anything. It's not like China needed justification to invade Taiwan, they already do, nor it is not like China or Russia follows the rules based order, see South China Sea or Ukraine. From their perspective, the rules based order was created by the US to attack them, and the West hypocritically apply the rules where they see fit.
Ultimately, the international rules based order was mostly created to protect smaller and weaker powers that be and to constrain the strong. Since nobody can enforce international law, the strong do what they like anyway.
However, assuming the US gets away with this diplomatically, this does set a real precedent that countries can get away with this diplomatically; which will make it harder to organize diplomatic and economic responses to China.