Did Germany stand a chance to win WWII? Probably not, or at best a slim chance; it made huge, surprising victories against most of continental Europe, but it just picked on too many opponents. By the time the US was in, it was (slow and deadly) game over. They believed their own BS and went ahead with it regardless.
I guess the risk here is that Russia or China could also believe their own BS and do something stupid regardless. Russia clearly did in Ukraine.
As far as I can tell, WWI started kind of because everyone wanted a war. All the belligerents were convinced this is their moment to shine, 3 months and it will be all over, with [shiny new territory]. Alas it was not to be so.