Sort of. Russia is a threat in that they're an expansionist power whose interests are not always aligned with ours, and that their culture is one where you take any advantage you can and use it to leverage your power.

Many Americans don't realize just how small Russia is in terms of the real numbers that matter. Their GDP is less than half of California's. (You can see why they've been funding Californian secessionist efforts - an independent California is a bigger threat to America than Russia is - but so far these have pitifully low traction amongst actual Californians.) Their population is less than half of the U.S, and is shrinking. Their military is a pale shadow of its Cold War size. Many people have this image of them as the second world superpower, which was always a bit of a mirage, but is doubly false after the breakup of the Soviet Union, which took away half their population and 25% of their land area.

There's a certain irony where most Americans think the biggest threat to American hegemony is either Russia, North Korea, or Islamic fundamentalism (the former two of which are bit players with outsize threats, and the latter of which has the organizational & technological sophistication of 200 years ago), while the real threats are either an ascendant China (4x the U.S. population, 60% the GDP and projected to overtake the U.S. by 2029, already the world's largest trading partner) or domestic disturbances that lead to the breakup of the U.S, much the same way the USSR broke up.