Is NATO really a threat to Russia?

Can someone explain how NATO enlargement is actually a threat to Russia. Putin goes on about it a lot but in terms of the actual military threat - nuts and bolts, or tanks and guns, what really is the threat?

Indeed,NATO has seen a massive degradation of its armed forces since 91’. The peace dividend has been spent.

Germany has gone from 2000 Leopard MBTs in 91’ to less than 200 now.

U.K. army from 200k+ in 91 to 72k now.

Where is the offensive NATO capability to attack, take and hold Russian territory? I just don’t see it.

Actually Russia likely now outguns NATO’s military capability in Europe - it could likely quickly overrun the Baltic’s and even Poland if it so desired.

NATO seems to constantly enlarge and then reduce its capability if anything. The greater it expands the weaker it becomes - only as strong as its weakest links which maybe explains Putin’s focus on winning Orban’s favour in Hungary.

So if kinetic forces are not the threat is it actually democracy that the West enshrines that Putin is really worried about? He is not worried about decrepit (they mostly are now) NATO tanks on his border but he hates that democracy is on his border, in Ukraine for example. As, as events in Belarus have proven, ex-FSU peoples still rather like democracy - the right to kick their leaders out thru the ballot box. And that’s what Putin fears.