Kinda like today. Europe is rearming in response to perceived risks from Russia. Then the “when you have a hammer…” effect: once capabilities exist, actors start seeing situations where using them seems rational—procurement begets posture, posture begets use-cases.
While I can't say I'm completely calm about the situation in Europe, it is very different from the onset of any of the two world wars. Europe is mostly united against the external enemy Russia, and the few countries that aren't 100% on the train is too small to really make any difference.
What a generous use of the word "perceived".
There certainly are similarities. On the other hand, we Europeans have tried to appease Russia for two decades, and it did not make it a less belligerent neighbor.