My broader point is that there is basically only 1 country who could put sufficient diplomatic pressure now to make Russia change course, and they've already clearly signaled they will not put that pressure on them to do so.

The current status quo where a luke warm ally nearby country whose territory and resources you might want to scoop up some day and your major rival are both burning resources, while you get to profit being the middle man between the 2 benefits China greatly. Fully supporting Russia doesn't.

This makes sense. If the West goes down, who will China sell all their manufactured goods to?

The sudden disruption in an economy with that many people might produce some serious destabilization.

China would probably prefer a slow fadeout of the West rather then a rapid implosion.

China needs Russia. As tensions rise between China and USA regarding hegemony China will need Russian commodities.

This is why Nixon sought to keep China and Russia separate. I don't know what the US State department's strategy is with Ukraine except to become energy supplier to Europe and grind Russia down. But in the process make China stronger?