Taiwan is the little guy stuck in the middle of two giants beating their chests (okay, basically only China is saber rattling). Among China and Japan though, the islands are currently under Japanese control and I don’t see that changing unless Japan willingly gives them up. Aside from US support, Japanese military power is modernized and considerable. Not to mention, developed economies almost never wage war in the traditional sense because they both stand to lose too much.
Imagine for a second what would happen if China were to go to war with Japan, which is a potential outcome of the buildup of Japanese and Chinese ships around the island. Chinese factories across the country shut down without US & Japanese trade, the Chinese middle class gets obliterated, workers and peasants riot, and then at that point we are not far from a total breakdown of the current system of order in China. I don’t see this going to war because it would not end well for anyone, especially China.