It sounds like it, but it's pretty likely to be true. They called it "gain of function" research. Basically trying to do a few thousand years' worth of evolution with a bit of genetic manipulation. This was not because they were evil baddies who were trying to kill the world while laughing menacingly. They were deliberately trying to create a really bad virus so they could produce a really good treatment for it, just to be ready in case this actually happened in the wild. All sounds good, provided the lab really is sealed, which it probably wasn't.Everything else you said sounds plausible, but this bit sounds too much like a conspiracy theory.
Is there any proof that virus labs in China and evolving viruses to affect humans?
There's a whole internet full of info about it, here's one fairly respectable report on it all...
Science | AAAS
www.science.org