Not really. At that time, the Chinese were a main supplier of the North Vietnamese and his contacts with China and Russia cut back much of their materiel floating into the North Vietnamese at the time. It also defused the very high state of tension that damn near caused thermonuclear exchanges under Kennedy.
Nixon didn't make American business turn to China for increased profits - they did it themselves.
Nixon opened the doors - I’ve seen contemporary articles predicting pretty much what ended up happening. American money arming the Chinese against us.