Yes, we did supply the Soviets, but they also were able to produce great tanks and other war materiel without our help. It has been said, though, that while the Allied bombing campaigns didn't destroy German industry, they did keep the Luftwaffe occupied and eventually destroyed it, greatly helping the Soviets.
Hitler's main focus was on the East and on settling the fertile lands of the Ukraine with Germans. He hated the Soviets and admired the English, and would not have been opposed to making peace with Britain. But I've heard that said so often, I start to wonder. He must have gotten an immense satisfaction out of crushing the French.
Just came across this regarding Luftwaffe
Gunther Rall, WWII’s third-highest scoring pilot (full story here Luftwaffe Ace Günther Rall Remembers - February '97 World War II magazine Feature) “On the Russian front, by way of foreign aid, particularly in the south around the Caucasus where I was fighting, they brought in Spitfires and the Bell P-39 Airacobra (which I liked and the Russians liked but which was inferior to the Bf-109.) Now the big thing in the Home Defense as far as problems was the P-51. The P-51 was a damned good airplane and it had tremendous endurance, which for us was a new dimension. The P-47, which as you know shot me down, we knew right away. It had tremendous diving speed - up to 600 miles per hour, where the Bf-109 was limited to 550. I learned this quickly when they chased me, and I could do nothing to get away. The structural layout design of the P-47 was much stronger, yet I consider the P-51 the best battle horse you had of all the fighter escorts.