That is what is happening, but it is a dangerous game when egos are involved. If Putin condemns action against Iran and Venezuela, and Trump condemns action against Ukraine, but neither actually does anything, instead agreeing to scratch the others' back without repercussion, then potentially the world is carved up exactly how these two megalomaniacs wish. Land gains, caretaker roles over resource-rich regions, Putin and Trump benefit hugely. It's just Europe sat left in the middle.
However, if neither Trump or Putin backs down or even comes out to denounce the other, then the escalation could be significant. The major issue could be if either side asks 'which region is next for our rival power to attack', and doesn't like the outlook.