It is, Australia has and does make extensive use of license production of all sorts of aircraft, ships and other military gear as do many medium and minor powers who can build and sustain stuff but not design and develop it. Even great powers do this on occasion, the US built the Canberra and Harrier for example. That said the likes of Australia had to import the parts of licence built kit that we couldn't manufacture ourselves, so licence building means a lot of different things in a lot of different situations.
However it seems of late that people are seeing a failure on the part of a great power and suggesting that some other great power's piece of kit will solve the problem. This ignores all sorts of human and organisational issues, but I also think it ignores industrial issues as well and assumes that if a country can build a submarine (plane, tank etc) it can build X or Y type of submarine (etc) and that is good.
Piece of kit can patch a problem todayperhaps, but not be a cure for anything. Granted, some liecensing deals were competed better than other ones...
I was thinking of the Zero engine which had 950hp when the Wildcat had 1200hp and contemporary British radials had similar power. The US and Britain had 2000hp aero engines in production in about 1942.
Engine used on G4M in 1940 have had 1530 HP in 1940. Zero's engine in mid 1942 was making 1150 HP, Ki-44 have had 1250 HP and was getting the 1500 Hp engine.
A good deal of WAllied advantage was in their fuel - Japanese engines were running on 91-92 oct fuel, WAllied engines have had 100 oct fuel to use, and by 1942 it was 100/130 grade. More octanes/grade = more boost = more power. We can try running the Sabre or Taurus on 91 oct fuel and make a trainwreck out of what was a dumpster fire.
Japanese circumvented the lack of hi-oct fuel by 1944/45 via installing the water/alcohol injection systems on many aircraft (pushed Kasei to 1850 HP, Kinsei 1500-1600 HP, Homare to 2000+ HP, Ha-42 to 2200 HP), however by 1945 their fuel was not even 91-92 oct.
FWIW, Japanese were a lot behind in supercharging systems - their engine-driven S/Cs were always 1-stage, and turbochargers were not as mature as US types.
Japan did build powerful aero-engines. They were radials. Liquid cooled engines, they had problems with.
And liquid cooled ones were licenced, or spin-offs of the licenced types. Go figure.