It depends where you are from and what you plan to study!
Of course for anyone, the general importance of China internationally means that it is worth studying in China in order to understand China, make connections in China and learn the language.
China is not the cheapest country but is not so expensive.
China is quite safe.
On the downside, China does have poor air quality in many cities, so is not a great option for people who suffer from asthma.
For American students, who tend to study abroad for just a semester, China is good for exactly these reasons. China is also cheaper than Western Europe, and there are more scholarships available for study in China than study in Western Europe. I also like China as a place for Americans to study abroad because it exposes students to a non-Western culture. It can be hard to get courses in a students’ major in China, especially in technical fields, so it makes sense to focus on language study and learning about Chinese history and culture.
For students from other countries, who tend to study abroad for their entire degree program, though, there are some problems. Despite high rankings of some Chinese universities, they do not excel in engaging students in the learning process and developing critical thinking. Overall, they are better for technical fields and sciences than the humanities and social sciences.
It is also worth being aware of attitudes in China towards people from your country or region of the world, as that can present additional challenges. This is also true for people with disabilities, LGBTQ, or even just someone who is overweight, very tall, has crazy hair or whatever makes them stand out. It is also a bit challenging for vegetarians and people with dietary restrictions, though this is much easier these days in cities like Beijing and Shanghai.
China is generally very welcoming and pretty easy for people to adapt to, but does not do the best to accommodate for some differences and it the very least people will constantly comment on them. I don’t think people should avoid China for this reason, but you may need to be prepared for people to point out how very tall you are several times a day, every day, for as long as you are in China while you deal with bumping your head and having seats and beds that are just too small (for a rather mild example.)
So yes, China is a good place to study abroad, but it does depend on where you are coming from and what your goals are.
Finally, I hope that people who do study abroad in China take time to learn a bit about China’s long history and its poetry arts and literature, and not just about business opportunities or modern-day politics (though those are worthwhile as well.)