Yes, but they run just fine. Russia can field massive amounts of heavy materials, far more than any other Western European country, and they have plenty of mobile launchers and other annoying hardware that can throw a spanner in the works for a fairly large surface area, and the number of airplanes they can field is quite impressive. It may not be the latest and the greatest, but it's not as if F35s are thick on the ground (or in the skies) in Europe either (less than 100 in total, most for training purposes).

I really would not see this put to the test, not only because of the potential outcome but because such an exchange has the potential to spiral out of control really fast.

Totally agree with the last part, and I think Russia is playing a dangerous game of chicken here that risks nuclear WW3 if it goes wrong.

Most of NATO equipment is not exactly sparkling new either, am not sure what that proves. Does it not count if the battletank that runs you over is from 1980s?