This is outright wrong. At some point one side outperforms, or "in universe(a la Cold War)" outspends/demoralizes the other and there is victory - aka, control of the global financial markets and geo-political dominance.

Is it a net win for humanity? Having stockpiles of nukes isn't. The space, science, athletic, and social welfare race is.

Competition drives progress. Hegemony leads to stagnation.