It's not a switch you can just turn on and off. There's no doubt the USA in particular and the West in general are scaling up production of military hardware, but they don't want supply to far outstrip demand. They'll aim to only barely produce more than is demanded.

The world isn't bipolar like it was during the First Cold War. China wasn't a real threat back then. Not like today. Now, anything the West does to counter Russia, needs to also take into account the possibility that it might leave the West too economically overextended to properly react to sudden unexpected moves from China.