Opinions are divided. Some say that NATO’s response to the Russian invasion of Ukraine will make China think twice about taking Taiwan. Others say, actually, with the U.S. occupied in Europe, that creates enough of a distraction to make taking Taiwan easier and likely to happen sooner rather than later.
America has a theoretical capability to fight wars on multiple fronts, but China is holding two strong cards itself:
1) Location, location, location. America is has to go there, China is there a mere 100 miles away.
2) Logistics, logistics, logistics. Russia sucks at logistics. China defines logistics. Time after time, they complete major construction projects three times, five times, ten times faster than America can when doing similar projects. Plus, see 1).