The answer to both of those questions is clearly yes. It's not like India has any better choices.
Once again, it's not like India is going to be supplying the advanced technology. This is perfectly natural and I predicted years back that India would drift more and more into the US camp - I for one welcome such clarity for two reasons: 1) It removes a significant obstacle to getting Russia to stop fence-sitting and join China's camp. 2) It's fitting that India know and take its proper place as a vassal; that's all it ever was and all it'll ever amount to. I'm happy the silly pretense of a "multipolar" world is finally coming to an end; this is a bipolar world and will remain so for the foreseeable future.
I don't disagree with your assessment. However, being a neighbor to one of these two superpowers sharing a border paints a whole different picture to how one would play this hand. Even if you were to be a vassal, to be a vassal against your neighbor brings calamity to the country in ways that would not be if their weren't sharing a border. This is a reason that no matter how the Russians tilt, they would at worst be neutral and would not be China's enemy.
Another factor to consider is the fact that two superpowers is inherently unstable. As time marches on, it is highly highly unlikely that the two superpowers would remain static in relation to the other. One of these two will zoom past the other and become the much bigger power. If you are vassal to your neighbor, at least you get to stay in tact as a nation even if your neighbor loses, since the large ocean would mean that it would take a lot more for the other superpower to come mess with you. If you were a vassal against your neighbor and you made the wrong bet, you will be dismembered when your superpower goes away to the other side of the Pacific.
When the time comes, you can switch sides, but it would not be possible to erase the memory. At that time, it would be contingent on your neighbor to either accept your surrender, or decide that it was better to see you broken up.