This 100%.

HBM has massive profit margins. It's also hard as hell to make, as it involves multiple stacked wafers. This vid is a good catchup on that and the rest of this situation.

China will HAPPILY flood the non-HBM DRAM market with memory 'only' 2x as expensive as last year. And every PC maker, automaker, gadget maker, etc will happily buy it because as Valve famously put it, "They give us a price every month or something, and they say 'you can buy that many' and it's yes or no, and if we say no then they never talk to us again." Source interview. If China says 'we have consistent price, we have consistent supply, we can meet your needs' and the quality is decent then it doesn't matter if it's slower or DDR4 or whatever people will love them for it.

And play that ahead.
The big 3 are focused on HBM and most of their capacity is already sold through 2027
If China can scale up production of standard DDR4/5 and sell it reliably at 200% of normal price (aka, below current market rates) then there's less incentive to build fabs. So they will let China have the consumer market with their blessings. And thus China will have made themselves essential in yet another product supply chain.

I suspect Chinese company will be quite happy to just flood the market with cheaply priced (relatively speaking) products and just get everyone's money.

And will still be able to make a very healthy profit by doing that.

The quest for "max_profit" is not (and never has been) sustainable.