Yes. Same as you can be exploited and grow your earnings over time as you move up the value chain. Note however how unbelievably strenuously the US is trying to keep them from progressing technologically. It’s to the point of imposing its will on _other_ countries by now. That is not accidental, and it has nothing to do with “national security” or whatever. It’s just to be able to milk that teat for a little longer. Military gear by design uses older chips that are easy to produce should a war break out.
That China’s per capita GDP increased 4x over that period — was that because of, or in spite of the US ‘riding on their back’?