The reality is that the Soviets never really managed cutting-edge mass manufacturing. There are only a few countries that have: first Britain from the screw-cutting lathe in 1800, then the US, then later Japan, Germany, China, Taiwan and South Korea. In 225 years it's a fairly short list of countries, and most only made the list for a few decades!
The closest the Soviets ever came, of course, was aerospace, but to use that as an example of advanced manufacturing leadership would be a stretch. Sputnik was impressive, but advanced manufacturing it was certainly not; it was a simple sphere with a simple radio transmitter. Look at the tolerances, finishes, materials, manufacturing methods, etc of N1 vs Saturn V, Buran vs the Space Shuttle, TU-144 vs the Concorde.
[1] https://www.hrono.info/libris/stalin/13-18.php - fascinating speech by Stalin on industrialization in 1931
The other difference - which is even more significant - is that China is already far ahead in advanced manufacturing. The US was lightyears ahead of the Soviets in advanced manufacturing, which is what allowed us to win in the 70s and 80s. Now, we're so far behind it's not even funny. Sure, the West still makes some ultra-precise machines for EUV, but look where most of the components in those machines are made...