No - Russia was building up to military and industrial parity, this Quora comment up the situation fairly well.

Invading Russia was all they could do. In any war effort with the USSR (even with France and Italy the USSR had greater numbers - and it's debatable how much of the French military age population could be convinced/trusted in a war effort... and the Italians didn't even declare war on France until they had surrendered - do you think they would have thrown themselves into a meat-grinder against Russia, or made a deal with Stalin?). Even more effort was fuel. Germany was struggling super hard for fuel - whereas Russia had an abundant supply.

Every year the USSR military was rapidly gearing up for war. Nazi Germany in the long-term would have been fucked by a lack of oil and the UK would have completely locked down their imports, while supporting the USSR at least economically if they went to war with the Germans. Which they would have.