I’m starting to think not
We’ve only had one total bombing campaign in world history, Germany and Japan. And the belligerent who conducted it got to redefine money itself
Discussion
Stinger missiles now exist, so a country can overcome a deficit of hundreds or thousands-fold in military spending.
We don't see Russia flattening Ukraine.
I view WW2 America as a technical and industrial juggernaut that conquered the world (with the help of her Russian allies), and has knocked over undeveloped tribal peoples since. That industrial and technical power has stagnated while the rest of the world has industrialized.
Even under fiat economics, I don't believe USA, PROC, RF or any of the other "great powers" is in a position to wage total war against any of the others.
I believe that we are heading for a gold standard world again, and that this will further suppress international conflict as it becomes even less affordable than it is now.
Obviously no one is currently in a position to wage total war but neither was the US in 1939.
I think total war from the skies is an opportunistic measure when the game has otherwise been played out.