Is this a new Cold War with China and Russia or just a continuation of the old one since WWII?

I'm not sure how to quantify this because even those perceptions could be hazardous for the whole world. Imagine any two or 3 people not agreeing on something. When does not agreeing on something lead to some sort of violence?

In past Centuries we would have been in all out warfare with Russia and China by 1950 and the whole world could have ended in the 1950s. However, because of nuclear weapons both sides realized everyone would die in such a war. So, it didn't happen. Instead we had Proxy wars like Korea, Viet Nam, and the rest of the Cold War Proxy wars all over the globe even in Central America and Cuba to some degree and in south America, Angola and elsewhere along the way. and even more recently there was a strange proxy war with Russia Siding with Assad against the U.S. and others from Europe. So, this was always strange too.

Now we have the proxy war against the western Democratic powers in Ukraine which reminds me a lot of the Korean War and the Viet Nam war in the way it is being fought, except "Thank God" Americans are not being drafted against their will to die in this war they way they were for Korea and Viet Nam. 

So, American citizens can fight in this war and are on both sides but mostly helping Ukraine stay free and independent. And the same is true of soldiers from all over the world choosing which side they want to support either as volunteers or as mercenaries. So, in this the Ukraine war is the strangest war ever since with missiles and drones exploding into electrical facilities and apartment buildings and homes all over Ukraine. And one wonders if there will be anything left of Ukraine at all when this war is over (if it is ever over). And presently the only way this war ends is likely with Putin being removed from power by death or illness at present.

However, the balloon or balloons from China that are flying over 5 continents and so far ONLY the U.S. and Canada are shooting these thing down. However, it is possible other nations might begin doing this too as a way of maintaining their security too especially in Europe.

However, I also just listened to the fact that the U.S. has been using balloons to spy on China too during 2022 and China has said that at least 10 balloons from the U.S. went over China. So, this is something to consider too in all this.