Yes and No
Let me start by saying I think the Red Army is, and always has been, capable and worthy of respect. It would always give the US and NATO a real run for their money.
However, in the T2K lore, it seems just the opposite has come to pass. The US and NATO and other allies (ROK, etc) are getting their ass kicked at every turn. The idea that the Red Army could get in a protracted war with China, then lose some of their WARSAW Pact allies to the West and then charge through Poland causing the collapse of Western Europe is crazy. And then, it's the US Government that falls apart- crazy! In My Humble Opinion.
Let's remember, it was the Soviet Union that actually fell apart. It was the Red Army that was much more hollow and ineffective than we had thought, while the US was more capable than we imagined.
In the end, it's just a game and the GM can determine how he wants to create reality so it shouldn't matter at the PC level.
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