Agree with STW and VOCH. CX will not go under.
Yeah the power lies up north, but would Beijing have allowed the HK Gov to bail out CX if its actual agenda was for it to fade away? No. CX was already in Beijing's bad books before covid hit, and it STILL got the bailout. The HK Gov also made it very clear how important CX is to the city. Then there were those who actually thought that the border was deliberately being kept closed so that CX can fail and make way for GBA - what an idiotic view. They have much, MUCH bigger fish to fry than a tiny airline in HK.
So yeah. The service and conditions at CX will probably keep sliding, but closing down? Nah...