This strategy itself created problems for long-term through-life support of a suddenly incoherent vehicle fleet but in turn increased motivation to develop standardised vehicle architectures [2] to allow faster modular upgrades.
This approach isn't going to suddenly deliver a new type fighter aircraft in the timescales of a hot war with China, but it does demonstrate that at least one NATO acquisition system could be speeded up a bit. A current example that is being worked at the moment is how to ramp up supplies of artillery and missiles for supply to Ukraine.
[Edit] Things more generally have slowed down again, e.g. as evidenced by the UK's (failed and cancelled) Warrior Capability Sustainment Programme, a disastrous attempt to upgrade the British Army's primary armoured infantry fighting vehicle.
[0] https://www.gov.uk/guidance/standing-commitments
[1] https://www.gov.uk/guidance/uk-forces-operations-in-afghanis...
[2] https://en.wikipedia.org/wiki/Generic_Vehicle_Architecture
[3] https://en.wikipedia.org/wiki/Warrior_tracked_armoured_vehic...
I know someone who knows quite a bit about the military-side of this space, and we were discussing a related problem: the US's capability of ramping up war-time production if we get into a hot conflict with Russia or China. The amount of waste, bureaucracy, and cost that goes into all of our military contracts would simply have to change, or we'd be screwed.
This friend of mine thinks we'd figure it out, but I'm not so sure.