Short answer: No.
The video is a pretty good, objective explainer. It's worth a watch.
Issues explored/summarised:
FBI "burner phone" advisory more projection than actual hacking risk from China since US govnt is notorious for hacking devices domestic and abroad by acquiring Israeli spyware firm to achieve just that;
My2022 app already passed stringent security checks and approval processes by major app stores like Apple App Store and Google Play Store;
Host interviews actual firm that provides real time voice translation for My2022 app;
Concerns of conversations being recorded and uploaded unfounded as user's own phone OS would notify if this is happening anyway;
Athletes have free choice of what apps they use and share data with. Prime example: TikTok, though Chinese-owned, has become the social media app of choice for US athletes. It's so popular that NBC opted to collab with the app for their Olympics coverage.