You gain some, you lose some.
Trying to cramp 16 AShMs and 64 VLS into a frigate-sized hull means that the overall functionalities will be comparably limited than other warships with similar weapon-type loadouts, but with larger dimensions and heavier displacements.
How else are they going to fit all those weapon systems on a frigate-sized hull at below 4000 tons of displacement, and expect it to perform like how a 7000-ton destroyer would perform - And that for long-range expeditionary operations in the vast expanses of the Pacific? That's only going to end up even more unrealistic and unfeasible the more things go this way.
Besides, today's China isn't as 捉襟见肘 as many other countries around the world. This is because due to limited budget, industrial strength, supporting facilities and manpower, all those countries can only procure a few warships for their navies - Such that they must make sure that every one of their warships can shoulder all the roles required for a functional navy, which is otherwise better performed amongst separate platforms and ship types. In the end, they end up with warships that can do everything, but mostly only mediocrely.
On the other hand, China definitely is able to serial-build the 054Bs (which significantly excels in the ASW domain, plus also having credible AAW capability), just like how they built the 054As for the past two decades. We need to understand that China is well-equipped with the necessary financial and industrial prowess, supporting infrastructures and capabilities, alongside a massive manpower pool to enable the build-up of a much larger, more distributed and much more capable navy.
Therefore, China has no need for a warship with destroyer-like capabilities on a frigate-sized hull. Those roles can be shouldered by the 052D/DLs and 055s, both of which are available in large numbers as well.
In a nutshell:
For many other countries, 1 + 1 = 2 is true.
For China, 1 + 1 > 2 is true.