"It might be worth considering that until very recently, Russia's military was definitely supremely capable and on-par with NATO."
I think Russia was not on-par with NATO after it collapse, at least not in conventional warfare. They missed the electronic revolution in warfare (See US-IRAQ Gulf War I). But they are now back on par, possibly better. Their jamming, air defense and rockets are top-notch, possible better than NATOs. They can disrupt our GPS System, we can't disrupt theirs since it is much younger, speak better.
As a comparison: Germany had 3000 tanks during the cold war. Now they have 300, 200 operational. Russia looses so many tanks every month, and actually builds 100-200 new ones every month. Germany had ammunition for two days of warfare. After they gave some to Ukraine, they have ammunition for one day left.
Russia has been underestimated. They are back and their future looks pretty good, even with a dubious leader. They won their war:
Defeat of the West? Emmanuel Todd and the Russo-Ukrainian War
https://www.thearticle.com/defeat-of-the-west-emmanuel-todd-...
They have energy, they are not overpopulated, they have fewer problems with immigration. In fact, they're even looking for immigrants: https://movingtorussia.ru/ru
In the US I can smell the recession and banks will go belly up very soon: https://www.visualcapitalist.com/which-big-u-s-banks-have-th...
In Germany too. Without Russian Energy their manufacturing heavy country will deindustrialize.
At the same time, Russia is actively trying to replace the US Dollar as the world reserve currency, together with BRICS+. If successful, this will have a tremendous impact on the US.
I am not a Putin troll, and I hope that I am wrong. But the future has the nasty habit of taking unexpected turns.