How about WWI? This feels more like the start of that - blundering toward catastrophe.
Putin cannot play the part Wilhelm played in 1914 because Russia has very little power.
Xi Ping cannot play the part Wilhelm played because he is too smart (he is one of the shrewdest and smartest leaders rn). If Xi Ping starts to lose it, then yeah, we may have WW1. Until then this is a very different situation.