I agree that their economy is a mess. However, they do enjoy a monopoly on transport to the ISS currently and that is due to them having better and cheaper rockets than Nasa. This is being fixed of course but that is after a rather embarrassingly long decade of being dependent on the Russians and their Soviet era rockets still being quite awesome. My understanding is that their engines are still quite competitive, even when compared to SpaceX and Blue Origin. So, I wouldn't discount them outright.

If through some uncharacteristic set of events manage to pull their heads out of their asses, they are still well positioned to do awesome stuff going forward. Of course, the current kleptocracy is hopelessly inept and unlikely to get much done on this front. That seems to be the tragedy of Russia.

Have you looked at the things they've fielded recently? Air launched hypersonic cruise missiles, possibly a working version of a nuclear powered hypersonic cruise missile, their ICBMs are the most advanced in the world...

Depending on how you mean "threaten other nations" your argument seems to be contradicted by basic facts. Here are three examples.

1. Within the realm of space flight, Russia has one of the most active launch programs in the world if not the most active. [1]

2. As far as overall military capacity Russia has by some accounts the largest nuclear arsenal in the world. [2]

3. With respect to current military strategy and tactics, Putin's campaign of disinformation using social media is a model of asymmetric warfare -- cheap to create and expensive to defend against.

Westerners discount Russia at their peril. They are worthy adversaries.

[1] https://spaceflightnow.com/launch-schedule/

[2] https://www.armscontrol.org/factsheets/Nuclearweaponswhohasw...