The U.S. already has most (not all) of the infrastructure we need. A lot of what we need to build is to replace existing infrastructure which is getting old but technically still works.
Comparing Chinese to American infrastructure spend is comparing apples to oranges.
Furthermore, if you want to look at where America is wasting money, compare the percentage of GDP Canada spends on healthcare to the percentage the U.S. spends. The difference is likely larger than the 5% or so of GDP we've been spending on defense.
And keep in mind that most of U.S. spending on defense isn't warfare, it really is defense, partly because we have obligations to defend other countries, some of which might be at substantial risk right now (We have no obligation to defend Ukraine against Russian aggression, but we most definitely have an obligation to defend Latvia, Lithuania, and Estonia).