I definitely get the sense that outside the US, folks are increasingly seeing power shifting towards China.
The US is kinda insular, so they don't see this so much. But this doesn't mean it isn't happening. Depending on excess military spending isn't a long run solution.
We're returning to a world that isn't dominated by the US. Hopefully, the US understands this and sees itself as one amongst equals in which mutual dependence results in a more peaceful world.