Parking an invasion+battle fleet off of Taiwan's coast would probably lead to huge US ship losses to Chinese missiles.
However, island hopping campaign is a thing. Islands make for good unsinkable carriers.
Assuming war isn't concluded permanently in a couple months[1], the real advantage is self-sufficiency in regards to raw materials (especially oil[2]) and ability to ramp up and then build out military production. High tech is secondary issue, and would be only slightly on the US' side. Probably the most important advantage would be in submarines and to extent in carriers, again as it was historically. Lastly, the presumable advantage in comms crypto protection, and codebreaking/backdooring could make or break any long term war, by repeatedly giving better starting positions before each battle or campaign; again to historical precedent.
All in all, US would do just fine, however the local allies would suffer a lot.
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[1] i.e. excluding an overwhelmingly effective ABC attack on mainland China or US
[2] both previous and current administration helped ramp it up