those are the old days. what the PLAN needed Sov for is no longer the same. whether it was air defence or anti-sub, the PLAN has found better ways to fill those gaps. as for anti-ship, i think sea launched yj-12 is only good for localized skirmishes, for example against a ROC frigate that the PLA does not want to bother sending air assets after. the one capability that the sovs have now that other PLAN vessels don't is the 130mm. I imagine those guns can do some good damage to beach fortifications.
YJ-12 is still good for 400km maybe even more. That's far more than localized skirmishes. It can snipe most ships beyond their antiship missile ranges.
Sovremenny is still intended for intense blue water battles where it can tank enemy antiship missile fire and dish its own.
Also, the cost of the refits might be much lower than people think. Virtually every part already pre exists for existing ships, there are no major mechanical and structural changes on the ships other than the VLS install, no expensive AESA sensors and so on. The ship performs somewhere between a 054A and a 052C, it definitely packs more offensive punch than a 054A and has better defensive capabilities. The EW for example, is at the 052D level, not the 054A.