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Yes in the sense that all communist countries are state capitalism, no in the sense that it betrays the very ideology of communism.
If you think about it it’s very much the same structure as a big business, with the “boss” at the very top, the party being the shareholders and executives swallowing all the profits and at the bottom are all the workers getting the shaft.
The main differences with normal capitalism is that the state here has an army, police and a full monopoly, so the party can literally do whatever they want to whoever they want within China. They don’t play by the rules, they write the rules, ie, a capitalist wet dream.
Maybe ¯\_(ツ)_/¯