The West, and more specifically the US, is doing what they said they would do if Russia invaded Ukraine. This was done publicly and apparently privately too. So if this is a proxy war, then it's different from most proxy wars.
I don't like war, but when you have someone that wants to expand their borders, sometimes you save a lot of money and lives by ending the problem at the start. If Ukraine goes well, why not do the Baltics next? What about all those ethnic Russians in need of "saving" in Kazakhstan? It might even give China some ideas. So be careful: by not doing anything and saving your precious tax dollars, you might end up spending more in the future.
Wars of expansion should be costly and expensive, otherwise everyone would just start wars.
And that cold war era... isn't that what's we're already walking to with China? The sanctions, China's claims in the South China sea, etc? Russia in Ukraine are just a side show.