I think that's a pretty good overview, but there are a few other factors, or expansion on points you made:
A change of leadership in the US to a more isolationist government could convince them we won't intervene, even to the extent of the limited support we've provided to Ukraine, which could influence their decision.
Xi is a dictator who's been in power for a little over a decade. That's the point where "dictator disease" (making crazy decisions because they've become disconnected from reality) starts to set in. And if his popularity and government starts to stumble, the 'short victorious war' idea can become tempting.
Taiwan has made itself a key part of the global economy (TSMC makes half the world's semiconductors). Maybe that won't be true in 10 years, but it is right now. That gives the world immense incentive to support Taiwan, makes the cost of an invasion a global thing, and gives China an incentive for a peaceful reunification (invasion would kill the goose laying the golden eggs).
As others have pointed out, Ukraine is a sharp reminder of how badly a short victorious war can go.
agreed
Jump-starting an invasion cold isn't easy, and it will go much worse than an even moderately prepared one, but they could try it. One way for the PRC to have their cake and eat it to is to run invasion-prep drills (which they already do) and turn one into the real thing. It won't be as effective as a well-organized invasion, but it will be better than a cold start. (Still a disaster even if they "win", I'd guess, but they may disagree.)
I may have too much faith in our spies, but I'm assuming they couldn't even pull something like this off without our intelligence agencies figuring it out and warning Taiwan (if their agents haven't already figured it out). Like we did with Russia's invasion of Ukraine.