Comparing military spending as one big lump $600 billion for the U.S. versus $225 billion for the EU versus $60 billion for Russia ignores several really important things.
First, a dollar buys you much more in Russia than in the U.S.[1] Adjusted for purchasing power, Russia's defense budget is more equivalent to $180 billion: https://www.defensenews.com/opinion/commentary/2019/05/03/ru.... (The same is actually true for Europe too. Europe's PPP GDP is 20% higher than its nominal GDP, making the EU 28 defense budget more like $270 billion U.S.)
Second, it's not unreasonable for the U.S. to want to not merely achieve parity, but have a decisive advantage. Having a decisive technological edge costs you exponentially more money. The 747 cost about $7.5 billion (in today's money) to develop. The 787 cost $32 billion. The more advanced technology cost a lot more to develop even in inflation-adjusted dollars. The same is true for all sorts of high-tech industrial equipment. The cost of a new fab tripled from 1998 to 2010: https://www.technologyreview.com/s/418576/the-high-cost-of-u....
Third, going back to Eisenhower, the cost to society of having a military scales with population. We can afford to spend $600 billion on the military more than Russia can afford to spend $60 billion. That's why it makes sense to look at it as a percentage of GDP--how much of our economic output are we devoting to the military, versus other things?
3% of GDP is higher than Europe now, but about the same as what France was spending as recently as the early 1990s: https://tradingeconomics.com/france/military-expenditure-per.... Were we talking about how French military expenditures were a mark of crazy imperialism back then?
[1] To give a concrete example, sources report that Russian subway lines cost 10-15 billion rubles per kilometer: https://www.metro-report.com/news/single-view/view/the-winne.... That’s $150-230 million by exchange rate. In the US, subway lines in SF and LA have ranged from $375-562 million per km. In New York, the Second Avenue subway was $1.6 billion per mile. You’d never compare New York’s or SF’s subway budget with Russia’s without accounting for that.