This is all-time classic for Chinese men. I will show to my kids

The younger generation are even more patriotic (or nationalistic) than the older generation. Any Chinese who are looking for the soul of China or studying Chinese history, will eventually study that period. I found that to teach my kids (born in US) about Chinese history, I cannot avoid that.
To be honest, Chinese movies and fictions still cannot catch up on Hollywood. The real history from the actual participants shows more heroism from the past than all the movies.

As for the exaggeration, the explanation is simple. Every battle is decided by 20% of the fighters on either side. On the modern battlefield, most fighters became casualty before they could fire a shot. Think of Rambo, Platoon, and Terminator, Hollywood concentrates on this kind of lucky fighters even more.

Specifically for Korean war, both US and China do not want to recognize the role of South Korean Army. In the later stage of war, South Korean Army was finally transformed into a competent and tenacious fighting force.
They can launch two dozens of assaults in a day, including night attacks. Chinese troops often beat back one assault, and saw the survivors withdrew to their trenches, and a new waves of foot soldiers came up from behind to join these survivors. Half an hour later, the survivors of last assault and the reinforcement started another attack.
The discipline of these South Korean soldiers are also superb. One US officer joined the second wave in an attack. When he reached the top, the first wave of South Korean soldiers already occupied the ridge, and was in the trial of a "coward". That soldier was charged as intentionally staying one step behind the attacking group, and was shot before the US officer's eyes. The US officer remembered that he climbed the mountain very quickly and stayed in the lead of second wave, so that "coward" could not be much behind the first wave. The US officer had high respect for South Korean Army even since.
So I assume that ordinary Chinese soldiers were at least as heroic as depicted in the Chinese movies. Otherwise, against the superb US and South Korean Armies, the outcome of Korean war would have been very different.