Indeed it is true. But it is also changing, the stockpiles are growing.
In the 1990s everybody was eager to believe that war was finally and forever over. Some held on to that delusion for a bit too long, but not anymore.
It's also the most expensive region in the world to raise a military.
And that's just the direct allocation, not the under water part including venture funding of some of the defense industry (obvious overlap: anything including AI & drones, it's pure VC bait).
The balancing act is to increase stockpiles whilst supplying Ukraine which is consuming almost as fast as we're producing. Precision weapons you are right about, those are dwindling, but at the same time this is the one area where Ukraine internal production is beginning to outnumber imports (and their motivations are not so much quantity as 'no strings attached', which is very understandable).
Artillery shell production is up, 2.2 million shells/year or thereabouts, but here too the Ukraine war is consuming them very fast, either way, it is sixfold or so of what it was prior to 2022. Many new factories have been built and opened and are since a few months adding their output to the stream.
I think what held things back for a bit is that the EU was - wrongly - under the impression that Putin would back off but now that it is clear that that is not the case the longer term investments make sense. But it took a while for that to get underway.
