I would say the current trajectory of China's engine development and tech curve is still accelerating as fast as it was in the mid 2000s. In fact, it's going faster. Especially, when it comes with high power system and electrification. China is currently in the midst of becoming an engine making superpower, especially for marine engines. I don't know why you would assume they still have plenty of tests and tweaks? At least I see what they are doing now is pretty mature. The advancement in the past 2 years is nothing short of astonishing. So many civilian ships are also using fully electric propulsion now. If they had just waited for 2 more years, they would have all this tech available, but they decided to move onto 054B with old propulsion.
Here is what IEPS + power bank gives you: Let's say you have a 10MW/2.5MWh battery pack on top of a 38MW diesel generator. Then, on top of the 38MW power from diesel, you can get another 10MW from battery pack for 15 minutes sustained -> 48MW total, which is enough to allow your motor to accelerate quickly while also power really powerful lasers.
You just can't get that with a CODAD propulsion of 29MW. Of that, maybe you allocate 5MW for shipborne systems and remaining 24MW for just the propulsion. Your entire propulsion won't be as efficient and there is clear ceiling to how much power your ship can send on to the weapon systems and sensors.