I think TW and HK are very very different situations.

HK never had a choice; when it was handed over PRC armed forces took control and there was never any doubt. Also, HK is on the mainland; there could never have been a military defense of HK.

In addition, economically speaking, HK was only valuable as a conduit between the West and China, so its dependency on China is near 100%.

Taiwan on the other hand is a defacto independent country with armed forces and over 100 miles of rough seas separating it from China. For China to impose its will on Taiwan will take an amphibious assault unseen since WW2, and opposed by the US and allies.

Economically speaking, Taiwan is only partially dependent on China, and its largest industries (semiconductor chips, IT products, and tourism) have large markets around the world and the China portion can easily be substituted.

In other words, China has very little confidence now that they can gain TW or even significant influence/control over it via economics only. It will require military coercion or outright invasion. They know this, and we know this, and this is why the situation is so dangerous, even if China isn't ready yet.