There are barely more than a thousand F-35s, the number of US aircrafts used in WW2 was about 300,000.
If China produces 100 times or 1000 times their current numbers (and they can), marginal differences in capability are not going to matter.
If china somehow learnes magic and produced 10,000 f16 equivalents and got into a major non-nuclear shooting war with the united states... they'd lose 10,000 planes. At some point there is such a qualitative difference that numbers don't really matter.
That's not how 6th gen fighter combats work. You get hit by missiles and explode without ever even detecting the opponent.
Does china have better stuff than f16s? Sure (and modern f16s are not the same as 1970s f16s which makes my point harder to understand in the first place anyways) but at some point, with some military technologies, you can't beat them with quantity.
That has never really happened in history, so good luck I guess.
In WW2 the US would send a 1,000 bombers to hit a target and still miss. That's why they needed so many. Now a single attack jet can hit multiple targets with very high probability.
Quantity is back in the game again thanks to drones, right now we would lose without escalating to a nuclear war.
Upgrading drones so that they have sufficient range and carry a sufficiently capable warhead and have a decent probability of surviving a modern air defense environment has been done many times by many countries. The price always comes in ~$1M/drone. It doesn't matter who builds it. Those economics get expensive fast for a weapon system you can't reuse. Much cheaper drones either have no useful range or are susceptible to even cheaper defenses; in either case they don't do any meaningful damage. That point on the price-performance curve wasn't picked at random by competent weapon designers.
Even the Ukrainian FP-5 is ~$0.5M, and it is significantly less capable than some western weapons with a similar profile.
The US has assumed drone swarm attacks would be a thing for decades and has both tested and fielded many systems purpose-built for those scenarios.
I don't know that a loss right now would be likely, probably a stalemate which would be ruinously expensive for everyone.
Drones favor defenders by making movement costly, there is a considerable advantage to being dug in. Air dominance no longer guarantees being free from low altitude aerial threat. Long range drones require basing further away, which means A2A refuelling, or a massive innovation in drone defence (cheap missiles, autonomous drone interceptors, sensor nets).
They get sanctioned and/or hit by B-2s long before the factories to do so are even completed, let alone producing a hundred thousand fighter jets.
Yes, if you can bomb your opponent without retribution you can indeed get away with what we have now.
This is what the F-35 and the modern US airforce is built for. We're likely not going to be fighting desert nomads forever.