Not necessarily. It will convince China that we don't buy their 'neutrality' and show them that they can't do it the Chinese way, which can be summarized as 'it isn't there as long as you don't talk about it'.
All that talk about escalation is completly unjustified, since Russia and China already chose that direction before the first Russian tank crossed the Ukrainian border and probably even a long time before that. It's the fear of escalation that brought us in this lousy situation in the first place.
Yes, acknowledge Taiwan as a sovereign state, and let's see how brave Xi really is.