It's a very interesting situation, and I think a precursor of things to come.

On the one hand, I do strongly believe that manufacturing needs to return to the West and that China's IP theft issues need to be dealt with.

On the other hand, it's a very complex affair as you say "What I do know is that supply chains are so global and complex that sanctions and bans are never going to work against anyone."
Like most things in life, there's a ton of nuance and few things are ever black or white.

What I'd like to see is a reformation of I.P Laws, and strong, as well as longterm, investment into manufacturing within the West. A few years back, when I worked in prototyping, I visited several Scottish based companies whos equipment dated back to the 60s, no CNC whatsoever. They refused to invest in "computer shte" (or so one firm told me).
Yet, they expected to compete against Indian and Chinese firms which had modern-day equipment, that worked day in and day out whilst producing high-quality products compared to the old sht.

From my point of view, sanctions can do more harm than they are worth as what happened to Iraq, and is happening to Iran. Competition is a great thing amd companies/countries need to have a long term strategy.

But a good move by Ren Zhengfei. Well played! Probably the best response to the situation they are facing! I hope that he's taken up on that offer!

Anyway, I hope that you're having a great time back in Engerland! :P