I don't think either one was true the case after after WW1.

Russia, though large, was not regarded as a serious military threat to Europe. When attacked by Russia, Poland (!) beat the snot out of Russia in the 1920's and gained half of the Ukraine and half of Belarus in the subsequent peace treaty.

An although a European nation was no longer the world largest economy, they were still regarded as the ones that mattered. The world at the time still revolved around Europe and the actions of European powers. To be premininet in Europe was to lead the world.