I agree until your second to last sentence. I think the hesitation isn’t because of military concerns, I think the USSR posed a serious military threat if the US ever decided to throw down, but rather economic issues. Unlike the USSR, America does a lot of trading with China, which makes framing them as some boogie man both practically and rhetorically tricky. It doesn’t help that business interests (and consumers) in the US would scream bloody murder if the tap of cheap consumer products was turned off.

I also think that the end of the Cold War, the failure of the forever wars, and our bungled pandemic response has taken a lot of gloss off the old propaganda. The interruption of having the USSR fall has made a lot of Americans look around and saw “wait, why does life kinda suck here though?”, and it’s kind of hard to rebuild that propaganda machine once it’s stopped.