Yes.....there is overconfidence on the part of some folks (mostly those outside the military)......but inside Western Militaries right now, morale is quite low.
Commanders are telling troops to expect to go into peer on peer conflict soon......they are saying that with a straight face.
There is also the view that most of the West's militaries are poorly prepared for the new type of warfare being waged in Ukraine.....they will need new weapon systems and skills to fight that sort of war......that will take time to establish.
Militaries always prepare to fight the last war......and get punched in the face by the reality of the next.
In 1939, the French had what most considered, the most powerful army in Europe.....but by late 1940, the Germans were sleeping in their chateaus and hotels.
But the other side of the coin is that, the performance of the Russians in Ukraine has been terrible and much poorer than just about anyone (inside the West's Military) expected.
A few years ago no one would have predicted that the Russians would have fought for a few years and spent the treasure and meat they have, to control only 26% of Ukraine.
The big question is "What is the capability of the Chinese?"
Unlike for the Russians, we can only guess what the capability of the PLA might be.