While unlikely that China will be boycotted successfully, there still runs a risk. Countries that can afford to participate in the Winter Olympics are rich Western nations, plus CJK. If the gamut of Western nations somehow, somehow manages to run a coordinated cooperation finally, then the Winter Olympics might as well not happen. The rest of the world, such as the Muslim world and Latin American world, doesn't really participate much in the Winter Olympics because of the lack of winter conditions and lack of financial resources. And these are the countries that wouldn't boycott based on a fraudulent lie and would also support China internationally.
The Winter Olympics is a club for rich Western nations.
Those rich western nations will quickly find themselves poor western nations if they pulled shit like boycotting the winter olympics; China is not the soviet union and any nation which has the idiocy to pull this sort of shit can expect being locked out of the world's largest market for years.
How long did it take for Norway to be allowed back into the Chinese market? And that was after Norway had to suck up to China and allow China into the Arctic Council.