Well ignoring the geopolitical issues, there is one very major difference between Zhaoxin and Huawei 5G:Well, Saudi Arabia embraced Huawei for their 5G networks so there is absolutely a somewhat realistic chance of Zhaoxin gaining ground later in the decade and especially with the worsening political relationship between Saudi Arabia and America.
Zhaoxin is very much an also-ran in the x86 market with performance at least a decade behind the other x86 vendors.
Whereas with 5G, Huawei is the industry leader by a long shot. Yes, scary for the old network infrastructure vendors but they did pour billions into 5G. An actually, while HiSilicon only used ARM design* their SOCs are / were very good too. (* The CPU and GPU core design, the camera part and the neuron part was HiSilicon's own design AFAIR.)
As for the age old question about backdoors: well as a consumer I am actually far more worried about a local government. That's plain logic: the government where you live could be in power to repress you. Direct repression is fairly unlikely in most 'Western' countries, at least for now.
No, what is far more like is that intelligence agencies collect everything about everyone, but where it gets political is who they chose to leak to stuff about to friendly media, mistakenly get you arrested etc.
Point being the government of where you live in has this power, the Chinese state (or Russia, etc.) would have a far harder time using this.