One cannot help but feel that Iran is playing a good long game from a tough corner. If has been postulated, they have preserved a material part of their missile and drone capability, the Gulf will be under Iranian threat going forward. The last two months have ably demonstrated that they don't need a conventional Navy or Air Force to dominate the Strait or hold the region under threat.
How a military balance is established in the short term is difficult to see. Certainly, the Gulf states will need to invest heavily in counter ballistic missiles and counter drone capability. They will need to be able to defend forward, have persistent surveillance and interception systems and hold their defence forces at high readiness for protracted periods.
When the US retires its mass from the field, it is going to be a vulnerable security challenge.