It is worse than that imo.
All smart smaller nations now with any strategic choke point location access can now see via this war (and Ukraine prior) that is simply makes no sense to build up big and expensive conventional military force in an attempt to 'show force' that would deter a greater power from attacking.
Instead build up massive drone capabilities, at a fraction of the cost, that can be hidden, moved and threaten and shut down down key infrastructure threatening world wide economic chaos. And make the conventional army try to shoot them all down requiring multiples more of the much more expensive munitions.
Iran could threaten the two key straits in the area, which would cause world wide economic damage far beyond just threatening one of the other individually.
Trump faces new oil shock threat as Iran eyes second strait - Bab el-Mandeb Strait
"..The strait is a critical shipping route for many global products, including electronics, clothing, furniture, household goods and food supplies like wheat, corn and coffee. It connects markets in Africa, Europe and Asia including the Middle East....
“... even to do so in a pretty small way, fire a couple missiles, fire a couple drones — then offloading tankers becomes impossible, and this goes from a 10 million barrel a day disruption to a 15 [million] to 17 million barrel a day disruption,” Brew said. Crude oil prices would quickly spike from the current levels of $90 to $100 a barrel to $150 per barrel, he said..."