They already do it all the time. There are a ton of products that are changed to suit China for their own versionsGames are too complex products to prepare a separate "China safe" version of a title, especially if Chinese were the ones financing them. So, given the choice between catering to their overlords, or to a handful of 白左 - would be no choice at all.
Can you name any example outside World of Wacraft, where a single skin was altered? And, ironically, looks better, and had tons of people asking Blizzard to implement it everywhere as an option?
It wasn't just a skin, they've removed the skeletons back in the day: https://www.engadget.com/2007-07-10-china-removes-skeletons-from-world-of-warcraft.html
The catch is I've read John Staats book about WoW development recently and he outright stated that it was all a sham - later they've found out that their Chinese competitors just bribed the censors and Blizzard honestly removed skeletons and made some other unspecified adjustments. TBH, if a western company considers a China release, they will pre-remove all the potentially offensive shit before the release so you would never know. This is what regularly happens in Hollywood with all the blockbuster releases.
And there was, of course, this thing with Ubisoft recently: https://gadgets.ndtv.com/games/news/rainbow-six-siege-censorship-china-sex-gambling-ubisoft-1942952
Let that be a reminder that ability to inflict pain is not the only measure of power, control over (loadz of) money is another.