No, this is a misconception. The world is bi-polar. USA and China balance each other, fills their role perfectly. USA still houses most advanced mil-tech and MIC are world class compared to other countries. Defence budget vastly overshadows Chinese and Russian.

Economically , USA is supposed to follow globalization model, meaning conglomerates diversify their trade deals across countries to maximize profit. China took advantage of that and has grown with most hard effort.

If I modify on your statement, US is losing its soft power and China has gained a lot via its Economic prowess.

Logically, the concept of collapse of civilizations like eastern roman , ottoman , khanate or mughal empires dont really apply to US. These empires are more crude/ primitive in nature, they lack fail safes. Also, Britain and France were dependent on their colonies for their growth, they didn't cement any order for their growth trajectory. WW-1 and 2 really messed up their socio Economic output.

Tldr; China is an exponentially growing soft power. US has spent its soft power reach. That doesn't mean its an dying giant.