This sounds like a more plausible explanation for why Huawei succeeded.
Simply because of unlimited support and funding from the China central government, in order to get independent technology Research and Development.
And plus, the financing for foreign countries, is also super important. There was talk about some African nations, only interested in buying Chinese products, simply because the Chinese provided favorable financing terms. Terms which the western countries refused to do.
In this case, the western countries wanted to make as much money as possible from one deal. Whereas China played the long game, and chose to make less money per deal, but had to strike a lot more deals, to make their money. So, China made their money in volume.
It seems there are different goals at play here.
The countries in the west, have their national champions, and their own governments support them at a holistic and policy level. And each company tries to compete with each other to win a bigger slice of the pie.
Whereas in China, their goal, is simply for technology independence from the west. So, they are willing to throw as much money at the problem as possible, in order to achieve that goal.
This also harkens back to the atomic bomb analogy. That once the technology was proven to be scientifically possible, then it can be independently achieve by a foreign government, if they put enough time, money, and people at solving the problem.
And here, it seems Huawei did just that.
