I do not see how that could be concluded from my statement.
Neither of those conflicts was anything at all like the Cold War.
For example, WWI was the result of a combination of things which do not apply here; from Germany fearing the growth of Russia, interconnected alliance networks, Franco-German disagreements over Alsace-Lorraine, the Balkan powder keg. I do not quite see what their equivalents would be here, Russia and the USA are so far away that without ideological conflicts (not necessarily 'capitalism' vs communism, maybe other ideological conflicts would also work) they might just as well pretend the other does not exist; even if they become rivals for some reason I do not see anything which could lead to equivalents of the Vietnam War or a Cuban Missile Crisis, which nearly leads to WWIII, without the USA going full 'Red-Scare mode' and the Kremlin believing that conflict between capitalism and socialism is inevitable.
I think that's a very simplistic view imo. Again, the example of today's geopolitical conflict between two prefectly capitalist powers shows that a cold war as the OP ask it's perfectly possible. No matter the political system, the russians will be pissed if the US encroaches into what they see a their zone of influence and puts their bases near it's borders.
And the examples above imo support that, Germany and Russia went to war even if both were nominally monarchies led by royals from the same family! And earlier the japanese and russian monarchies went to war. And i can cite the example of the perfectly COMMUNIST USSR and China being at eachother's throats for decades due to ideological (!- my communism is better than yours) differences. And i'm sure many more such examples can be found.
This is why also i believe a Hitler in this TL will still attack a capitalist Russia anyway, be it monarchist, republic, whatever, the Lebensraum ideology and xenophobic anti-slavism are still there.
Also of note the cold war "border" was more or less where the former tsarist zone of influence was extending to, with some differences here or there, but it was roughly in the same area.
Of course, for this TL to happen you probably need a POD starting from say the russo-japanese war, to prevent the collapse of the tsarist system and the rise of the communist movements to replace it, though at some point for the purpose of this TL the tsarist system must either be completely replaced by a non-communist system or massively overhauled in order to prevent it's collapse. No matter the system, people still have the same basic needs.
With such a far back POD one can take the scenario wherever one likes, my point being that a cold war between two nominally capitalist powers is perfectly possible.
Anyway, my main interests in this scenario stems from one angle, would capitalist Russia have a weaker or stronger military, and weaker or stronger economy compared to OTL USSR? If the latter, the US must thank their lucky start that Russia fell to communism!