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Ukraine certainly does have a lot of long ballistic missile which can reach Russian territory，besides Nato also provides Ukraine with long range weapons. So far Russia and Ukraine both side have been restrained from doing so. They mainly aim at military target，for good reason.
As for the effect of missile bombing，there is misconception that carpet bombing can destroy enemy's war machine. Which is far from true. During WWII，Nazi Germany thought they could take the UK to it's knee by bombing，but apparently that didn't work.
Conventional warhead missiles are mainly used for paralyze enemy movements for a certain period（like disable airstrip），so you can attack enemy before they can fix it. The effect of conventional warhead missiles on civilian target is mainly psychological. China has mutiple times more missiles than Taiwan，but I don't think PLA will waste it on civilian targets.
An other important factor needs to be considered is industrial capacity，aka how fast can you produce weapons during war time. As we can see from Ukraine war，missiles and ammos quickly depleted at the begining of the war，now the daily intensity of bombardment on both side is reduced to a very low level compare to few months ago. The US was able to produce more military resources and weapons than Germany and Japan combined during WWII，and that's the key to allied force victory. So the question you got to ask is，China vs Taiwan who can mass produce more weapons at a faster rate？
Unless Taiwan go nuclear，otherwise I don't see how regular missiles can deter PLA. As Taiwan would quickly deplete it's missile inventory if it choose to fire all it's missile to Chinese cities instead of military target. Too bad Ukraine gave up their nuclear arsenal back in 90s，if they didn't do that the war won't happen today.
