Is there a cost of wolf warrior diplomacy? Of course there is. It is big? I'm pretty sure it is. Is the benefit outweigh the cost? I believe it is. Is there any other choice? probably not.

When China is racing to the top, China can hide its capability like Deng wanted. But when China reached the number two position, China is already too big to hide its capability. The US won't hand over the top spot peacefully. China didn't start this wolf diplomacy until trump is elected. No matter what China choose to do, it is clear the US is going to attack China incessantly. Just look at the US congress and senate.

Wolf warrior diplomacy isn't meant for the US, it is meant for other countries. China is basically telling them that there is a cost to pay if they choose to side with the US. China didn't ask them to choose China, China just want them to stay neutral. So far it work well, just look at ASEAN and Philippine.

But yeah, I agree the return on wolf warrior diplomacy is diminishing. Sooner or later, China will be force to upgrade it to wolf warrior foreign policy. What happen to Australia is a trailer of what is going to come. From what happen to taiwan, the military side of that policy seems to be taking shape too. It will be even more uncomfortable for many countries, but it is inevitable. It take time to adjust to new rising power. The one who will lose is the old powers that are declining, like UK and Japan. Why do you think both of them are desperate to make their voices heard? UK through sending its puny fleet to South China sea, and Japan do what Japan do.