Is it time? Maybe. Will they do it? Probably not. The European countries constantly talk and never act. It took the second Russian invasion of Ukraine for them to even barely start to do anything and even now, they are still trying to get the US to continue to be the backbone of their defense strategy. Even as the US takes actions that (in their minds) are ruining that idea, instead of acting, they just complain and condemn.

Even if tomorrow they decided to actual work together and invest in their own capabilities it would be decades before they would be free of the US defense sector and they know it and it's why they are so resistant to the idea. I think you would need to see more aggression by the Russians combined with substantially more shenanigans by the US (more than just bombastic announcements for the sake of grabbing media attention) for that to change because you are talking about trillion dollar investment, every year, for decades to walk a different path.