Yes, but China is strongly using this as a propaganda tool, e.g., by censoring any content that is not aligned with the CCP’s ‘official’ narrative. I know that ‘the West’ does that also once in a while, but by far not to that extent. You can criticize the U.S. or the EU or any government on social media without consequences.

That said, I’d say it is irrelevant whether or not it is a source of revenue, may it be Chinese or non-Chinese companies. I don’t use these tools bc I don’t want to be spied on 24/7. But that’s just my opinion, there is a large audience out there for such media.