Only partially correct. They are still a fairly formidable force under very controlled circumstances. Yes, The days of Blitzkreig are over (not necessarily a bad thing) but they still have potent Air Combat Capability. No one is looking at going in and taking over the place, just pasting the crap outta' it. That will spur internal unrest. Europe might just buy in to this. That will spook Syria too.
They are limited by the mission the government--and regional politics-- has placed on them. Europe still remembers the Wehrmacht. However, there is another difference. The German population is a lot older than it was. A large German family has two kids.