Maybe. If they spend a few months to finalise the design, maybe add some new improvements like APS, a few months more to set up mass production it might be a year or more before they make a single deliverable unit. Unless they invest silly money, production rates are unlikely to be huge, so it might take years more to build a useful number of turrets ready for delivery. At that point, the war might be over and arms sales to Russia won’t cause as much fallout.
At a minimum, finalising the design and looking into how to mass produce it would be a useful and probably necessary contingency step for China to make to safeguard against direct NATO involvement in the Ukraine war.
Should NATO be stupid enough to cross that red line, I think China will open the floodgates to Russia of any and (almost) every conventional military weapon system available to prevent the Russians from using tactical nukes, since once nukes fly between nuclear powers, it will be all but inevitable that the conflict will rapidly escalate to full global nuclear MAD, in which case America will first launch against China even if China stayed completely out of it.