Sanctions don't work in a globalised economy anymore. The likes of Russia and China can buy examples from the market, copy the designs etc. It is only a matter of time. The progress China in particular has made with chips is undeniable.
It doesnt hasten anything. The CCP have been throwing money at the chip industry for over a decade. Whether we let them have the chips or not they would have continued to develop a home grown industry. So better to choke everything off because it changes nothing about what they would do.