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Yes and no.

Militarily, unless you are invading them, they've never been much of a threat to anyone. Even China at it's weakest not only held them off, but actively frightened them. And that's when they were regarded as a "power". And remember, in World War I, tiny little Japan gave them a drubbing, and this was before they were fully industrialized.

Nuclear-wise, it is doubtful that their technology was ever great enough to launch missiles with any consistent accuracy. Or even have a high percentage of functioning warheads - this was the nation after all that couldn't feed itself while sitting on half of the world's most productive farmland.

The danger part does come in because of their penchant for instigating and "assisting". They are at their most dangerous when they are shipping cheap knock offs of rifles to guerillas in nations that the Britain or the United States may wish to control. Or when they give those nations technological secrets that we didn't want them to have.

Or when they foment revolution in regimes that had been friendly to us. Things like that.

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