It is clear, however, that the United States and its NATO allies are engaged in major proxy war, supporting Ukraine in its defense against Russia. They also are already rebuilding NATO’s overall level of extended deterrence against Russia, and doing so at a time when Vladimir Putin, Russia’s leader, has made it clear that he sees NATO as a major and continuing threat.There is no current way to predict how the war in Ukraine will change the overall balance of military power and how and when it will end. It seems almost certain, however, that as long as Putin rules Russia, the United States and the rest of NATO will be engaged in a new Cold War, and one which will effectively match a similar Cold War between the United States and its strategic partners in Asia and China.

That's the Center For Strategic And International Studies (CSIS). https://www.csis.org/analysis/chinas-emergence-superpower

I have generally presumed to be true that a cold war doesn't require the other side to have a military force greater than the US, simply they must have Nuclear weapons and the power to launch them. The Cold War isn't about might and how big your weapons are - once the first few go off, the rest of us are fucked. Cold War is back. Nobody is beating the US in a straight up military conflict but that's not the point being made. :o)