I think the key performance differentiator for a JH-XX vs a H-20 hinges on what that speed offers you. The first is much quicker interdiction of targets after detection, which may matter for response time, and will help a lot against targets that are moving. The second is much better missile kinematics and much better tactical positioning and versatility, which can help you defeat air defenses and other countermeasure. The third is survivability when conducting missile dependent strike missions, since missiles, unlike bombs, give away your general directional position, and thus allows an adversary to search in a tighter space, or send a faster fighter in that direction to interdict, negating some stealth advantage. The fourth is a corollary of the second, which is being able to perform such a mission without depending on escorts to improve your survivability, since escorts themselves are attritable assets. The tradeoff is of course range and payload. But at least on payload, you probably don’t need more missiles if you can get better kill odds.Why would it be an over-kill? There really isn't anything else with PLAAF that you'd want to use this role. 2000 km off the coast would allow them to carry full payload from further into mainland without needing aerial refueling. It can also fly non-straight path that would be harder for air defense system to track. It's also close enough where J-20 can perform escort roles with aerial refueling. It would also be able to command UCAVs with shorter range.
I don't see how a JH-XX would be able to haul anywhere near the same amount of payload or have comfortable range without aerial refueling. You can argue its more survivable with its speed, but it would be less stealthy than H-20. And if it is actually supersonic, I don't see it actually being cheaper than H-20.
When you have to drop a bunch of heavy payload against ships or air defense, you'd want to do it with an aircraft with higher internal payload.
Imo there are clear tactical benefits to such a platform that are a bit beyond what an H-20 would offer, and maybe aren’t as easy to approximate with other approaches,. I think cruise and ballistic missiles, even hypersonic ones, don’t substitute for air launched platforms because they have predictable trajectories or their launch positions can be more easily monitored, and once you fire you’re locked in to a narrow preset of tactical probabilities. Either your missiles defeat the defenses or it fails, and either the hit is decisive or it’s not, but you often don’t have good options to collect real time information to do follow through strikes, even though target defenses are often most vulnerable right after the first strike. Air launched missiles just offer more tactical versatility, real time responsiveness, and less predictability. Meanwhile, guided missile subs aren’t as positionally flexible, and that will hurt their availability and responsiveness in some scenarios too. Drones I think are the only alternative that might offer the same or similar set of capabilities, but a lot hinges on the state of your situational awareness and autonomous decision making technologies.
I think, without a doubt, this is an expensive capability to procure and have on hand. The cost to benefit ratio may ultimately not be worthwhile, but defeating naval formations with strong air defense systems out at far sea is a major mission profile for the PLA, and even at high expense it may make sense to invest in something that adds another dimension of advantages to those capabilities. There’s a case to be made for this platform but it’s not an absolutely needed capability. I think that’s about as reasonable a position as we can conclude about this concept.