Kinda sorta? The carbon still goes into the atmosphere and there’s such demand for used cooking oil to run vehicles that there have been cases of new cooking oil being mixed into used because it was more valuable for vehicles than cooking, but if it was definitely going to get burned in a waste incinerator than better than nothing.
Climate wise, electrification (either for bikes, cars, buses, or trains) remains the only option and is something everyone is going to have to do eventually, but economic wise the higher upfront costs limits access.
So the impact of Chinese climate policy is also vastly overestimated because the Chinese are a small minority of earths people?