Yes, if Hitler thought the Red Army was a huge capable force, that probably would've weighed on his decision to go to war for Czechoslovakia, even if in reality they weren't. Germany would essentially be fighting the same enemies as in WW1, but with no Habsburg or Ottoman empire.
Though, as was been mentioned earlier, the Soviet Union did not have a border with Czechoslovakia, so unless someone else gets involved the Soviets could only supply aircraft and whatever could be brought into the (presumably bombed) Czech airfields.
And I've always wondered, how seriously did the flag/general officers in Britain at the time take an operation Sea Lion? For example, did they know Germany's plan relied on towed river barges that were lucky to make 3 or 4 knots?
They had aerial photos of the barges, so they were pretty clued up on what the Germans had available. I expect they were more concerned than they needed to be, but that's probably preferable to being cocky.