When Putin dreams of a better future, this is what he sees: NATO and the EU gone; America disengaged from Europe; and a Russia that includes all of the land in the Soviet Union. It looks a lot like 1914.
There are four exceptions: Poland is an independent state: China is now a threat; Austria-Hungary has been broken up; and while the Russian economy is still tiny compared to that of Germany and France, its military is much more formidable than it was in 1914.
In this dream world, is Putin in a better position than Nicholas II? It depends on what the Germans do after NATO dies. If they rebuild their military and start casting hungry eyes towards the east, he is in trouble.