This is indeed a common way of thinking and intuitively obvious but I think it has also been proven wrong by the war in Ukraine. We sanctioned Russia as hard as we could and it 3 years later they're still there.

Withholding some nebulous service industry from a country that's mostly reliant on primary and/or manufacturing is probably not a strong enough deterrent to a sufficiently motivated political force. It might be that it just puts service industry reliant countries at a disadvantage.

Drone warfare is another piece of the puzzle, both how they are employed in the Ukrainian war as well as in the red sea blockade. The west is also at a disadvantage here compared to, say, China. When was the last time you saw a drone-dragon lightshow outside of Shenzhen?

We thought we had world peace through commerce but it was probably an illusion. I think everyone is rethinking the last 150 years of history right now.