The problem would be Samsung and Intel undercutting them. With the slowdown even if Intel and Samsung can’t catch up, the older stuff will be more competitive than you would otherwise guess given its age. Obviously this won’t sink TSMC. However it could and likely will hurt their margins.
Yes, that's where TSMC's bet to make 5nm, and 7nm on substantial US subsidies comes. The CHIPS act reads as if it was specifically worded for one company only.
By denying the depreciating <10nm space to nearest followers using subsidy, TSMC leaves scorched earth behind itself in mature nodes.
And Samsung is subsidising its logic with its memory, so Intel will be squeezed in between a rock, and a hard place: other contenders for mature nodes, and Samsung.
And this is all when AMD is eating their vital consumer products market share, and profit.