I do not think AEW is something even China can afford to lose in any significant numbers. But the PRC certainly has plenty of wide open spaces within its own borders that AEW would be very useful for, even if directing tactical engagements against opponent fighters in contested areas is too dangerous. I’m sure the SCS also warrants high altitude 360 degree radar coverage, with less of a threat level as other theaters. An E-2 a thousand miles off the PRC coast might also expect a more mild operating environment.
Ugh, thousand miles away they are just beyond any impact. It's as good as neutering them. Furthermore, honestly speaking - lonely E-2 thousand miles away to me is but a fancy form of mareuding J-36 bait. There should be a certain level of acceptable loss rate (perhaps 1/month?), determining patrol barrier. Opfor dead bend to neuter your S/A asset will probably do it(initiative and determination), but otherwise it's totally possible to make it into a risky fight, not a cold kill.
My internal expectation is more in line Hi/Lo mix, with:
Larger, advanced and crucially - faster multiband AWACS operating somewhat behind, screened(meaning missile protection first and foremost). Relatively cheaper L- band drones forming uninterrupted picture to prevent closer-range ambushes with higher pK, perhaps operating with more important operations.
Russia also plays with guiding heavy SAMs with AWACS, but results are...mixed as we know.
or
Smaller, turboprop ones(wedgetail probably fits between here and the above, too) providing barrier of situational awareness away from higher intensity spots, over friendly ground/space. And as we saw with new KJ-700 - with oversized "satellite" sized IR optics for coherency and LO detection.
or
traditional naval AEW operation, perhaps made somewhat easier by CCA escoort. The most straightforward, losing ships is ultimately more expensive than losing EWs.
Given a survivable low latency communication system; the difference between AEW and AWACS would be marginal to nothing. A big “if”, perhaps, but with mega LEO constellations, perhaps not an inconceivable one.
I am very sceptical they're going to be operable during direct confrontations between 1st tier nations.
They can remain untouched because price of triggering such nation is overwhelming, but if this isn't a problem - they're just ripe for intercept.
Sure, destroying them to unit may be yet hard to achieve without going nuclear(MCVs needed), but making system unreliable and interrupted is rather straightforward.