Yes, but in the long run, Germany did not have the manpower or the industrial resources to win a sustained war against so many opponents... they had to win early, say within the first two years, or not at all.
I once read of an (apocryphal?) comment by a German general in 1943, on the impossibility of Germany winning the war at that point: "So viele Heinis gibt's einfach nicht." There simply aren't that many Heinies.