No. That`s drawing too many parallels. TBH conquering Korea is unlikely to begin with. If they could defend it from Japan and Russia, Korea would just stay a Chinese vassal. Assuming a sort of "colonize or be colonized" philosophy, it is possible that the Qing could try to take German islands, but strong animosity would exist towards England, France, and Russia for the Opium wars so siding with the allies in WW1 is not probable (the Germans were less involved). The Qing, simply put, were an empire on the decline, and unlikely to return to the position of a great military power. If some other reformist, Han Chinese dynasty took over when things started to go bad, China might be in a position to resurge. A reformed Qing is barely plausible but assuming it pulls it off, it's probably going to be neutral or side with the Central powers. If they sided with the allies they would take the islands and try to expand further into the pacific taking the Ryukyu kingdom is a possibility due to historic ties. China would likely want t reclaim lands lost to Europeans (outer Manchuria, the port cities, parts of central Asia and maybe northern India). They may push for east Asian unification and try to take Japan but the wild expansionism of the Japanese is unlikely to be mirrored in China. They would not be interested in the whole pacific and so would not mess so much with the US. China is a land empire, Japan is more of a maritime one. Russia is a likely main enemy, and if things go similarly to OTL, the USSR still exists and is viewed as a threat. Chinese aggression against Russia may be seen as ok. As for siding with Hitler… maybe...
This china isn't likely to be as genocidal as Japan but would be authoritarian so it's not impossible. If japan went axis, china would have an excuse to invade and would thus side with the allies against both the Axis and the comintern but a weaker japan wouldn't be as militaristic as OTL so might not go fash. An Axis China, unlike Japan wouldn't bring the US into the war though.