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The real practical strategic value of China’s carrier may be to improve the survivability of the PRC’s ballistic missile subs. That was the intended use of the Russian-version Varyag. Even though relatively small, it could provide anti-air and anti-sub patrols to give more credibility to China’s nuclear deterrent threat.

Yes, that's pretty much it. Remember that the purpose of the Soviet carrier fleet was to protect the surface and submarine fleet that would deny US/NATO control of the seas. The carrier's aircraft (Forgers on the Kievs, Su-33s on the Kuznetsovs) wasn't meant as an offensive, power-projection capability, but a defensive one. Given a land war in Europe, US/NATO had to control the sea lanes ... all the Soviets had to do was deny them that control.

This is underscored by the fact that the Kuznetsov class, of which the ChiComs have Varyag - the second ship, had a surface to surface missile farm in the MIDDLE of the forward flight deck/launching area.

Apparently the ChiComs wanted the missile silos gone (since they weren't able to acquire the missiles to put into them) to free up space. And found out that the silos were structural in nature and couldn't just be cut out without compromising hull integrity. So they're still going to be there, just empty, when Varyag puts to sea.

Re: The real practical strategic value of China’s carrier may be to improve the survivability of the PRC’s ballistic missile subs.

Man!!! Can it be that big of a secret with the refurbished Varyag? I mean even a blind person can figure where the ChiCom’s are going with the induction of a carrier to their fleet. Simply by looking at [the deadly, sophisticated, and cutting edge appointments] they’ve appointed to that once stripped hull, the answer is clear — the Varyag is no HMS Vikrant and it’s no HMS Giuseppe Garibaldi...

The ChiComs have picked up where the Russians have left off and they have advanced, technology-wise, beyond even that which the Russians had in mind for a blue water navy.

I foresee a fleet of up to 60 plus such low cost platforms by 2050 and the objective: They’ve feel they’ve been pushed around much and, they are determine to [not lock horns with the Americans] but to level the playing field with them.