Well, at least global south countries are gonna have to choose between them or play both sides at best to survive the foereseeable future, so at least in some instances it does matter.
What will Nigeria choose? Chinese or US exports, loans, cultural influence etc
No country can be fully independent from the world around, so they do have to choose allies and foes.
Interesting point, based on this I could argue that military might (elephant power) is necessary for peace, if not used to coerce others
a country that builds nuclear power to protect itself but has a no first aggression rule could be a parallel to the elephants