I was studying there more recently, 2015 to 2017, and also 2009 to 2010. The different between 2010 and 2017 was enormous and I felt like I was continually being used as a propaganda tool and also came to realise that I was being monitored a lot more closely than I realised at first. There was in general a far more hostile, jingoistic, and politicised atmosphere and there were more and more restrictions (e.g. Needing a permit to leave campus in groups above a certain size), as well as the Internet and vpn situation worsening / my laptop being filled with spyware which accessed my webcam / my mobile phone mysteriously uploading data eveey 15 minutes.
Aside from that spookiness, I think the biggest risk is being used as a hostage in some tit for tat. The people running the show at the minute seem to get off on the idea that they don't have to care what other countries think / feel like they don't need positive relations anymore.
A lot of Koreans and Japanese were basically driven out over the Diaoyu Islands dispute and the THAAD dispute, which caused great personal discomfort and inconvenience and cost to them (e.g. The PSB suddenly finding the Japanese teacher needed some obscure document from Japan he had to go back in person for.)
And of course, those 2 Canadians who were kidnapped in response to Meng Wanzhou's arrest.
There is an established pattern of the CCP using nationals of countries it has a dispute with as political pawns for geopolitical disputes. Things are changing a lot and tensions look likely to get worse - I think the situation could change unpredictably and suddenly, and I don't think the CCP are above arresting some random British students as leverage in some Hong Kong / Huawei / Hinkley Point related dispute.
I also think it isn't inconceivable that the PLA are preparing for an invasion of Taiwan in the near future, and I wouldn't want to be in China if/when that happens.