Well, potentially, yes.
But there's an extent to which investment is investment. African countries have far weaker ability to invest in themselves and each other in the way more advanced economies can, but still need investment to spur development. African countries have to decide whether the debt or Chinese ownership of their firms is worth it. Ultimately, African countries probably only can take control of their destiny in the long run by developing. As they mature and strengthen, their own economy should (as China's is now) eventually become more important relative to foreign investment and they'll increasingly fund themselves and find more independence. Maybe it's worth tryign to get there faster.
The story goes that China is potentially collecting African countries in a debt trap that will give China vast power to influence them. This is possible, as Western countries largely leave investment to private finance, and private finance is invested on risk-benefit analyses. Implicitly, therefore, China would seem to be pushing aid either through higher risk, lower benefit, and through the will of the Chinese state. However, I'm not sure debt traps necessarily work: African debt has often ended up as a write-off, with a lot of hostility directed towards the creditor. I would suggest if China is over-lending, it may actually more represent a risk to China. (Coronavirus, for instance, will already have blown tens or even hundreds of billions off the value of China's investments.) Or maybe China accepts the risk, and has just decided it's worth it to get its foot in the door, so to speak, for better access to Africa's vast natural resources.
What's also worth bearing in mind is that China is a late player to African investment. Although China is by some measures is investing most heavily in Africa currently, in terms of total investment value (much of which has accrued over time), the largest player in Africa is France - with UK, USA, Netherlands (!) all still ahead of China as well.