I hear this argument often times when relating to gun laws in the US as a defense for the status quo, and yet the US continues to have the second highest gun deaths per capita. I can’t say that this argument is fallacious because of that parallel, but it does end up being a weaker argument in my eyes because of it.
There has to be another option besides letting the arms race continue unchecked. That’s the only option that, in my opinion, ensures that we all lose.