By and large, no. The economic foundation of the USSR had basically completely crumbled by the mid 1970s. It's industrial based economy was bloated and inefficient (as was the case in Western states as well, especially as the Oil Crisis turned steel belts into rust belts in many countries, including the US), but it did not have the ability to innovate compared to Western states. The basis of its economy became commodity based, mainly oil and gas. The USSR used their oil wealth to tide over their Eastern European allies, who were not as lucky commodity-wise as the USSR was and were generally more open to reform, who in turn started importing more consumer goods from western states. The USSR took this turn as well, notably through their grain purchases from the US (except for in 1979, when Carter introduced sanctions, which Reagan removed).

In short, the USSR's economic model was no match compared to that of the Western states. It mainly developed in a time of crisis for capitalism (Great Depression, rise of fascism, fall of imperialism), but the rise of social safety nets and the post-war economic boom showed that capitalism wasn't inherently flawed as was claimed by communists. By the 70s, it was actually communism, as practiced by the USSR and allies, that was flawed, even compared to the contemporaneous stagflation that plagued the West.

By 1980, Soviet leaders did not think they were going to win the Cold War (though we should also consider what "win" means, but that is a matter for another day). They coexisted with Western states during the detente of Nixon, Ford, and arguably Carter's administrations. They expected, and the US accepted, that the current state of affairs would generally hold and the two sides would relax and continue to coexist, but this was thrown out with the Soviet invasion of Afghanistan in order to maintain said status quo. Reagan's administration brought back the Cold War, but he sought to "win" it, rather than contain the USSR as was the case in the 50s and 60s.

A good source for this is Armageddon Averted by Stephen Kotkin. He goes over the divergence experienced by the West and East starting in the 70s and the eventual Soviet collapse.