Cheney's assertion is a classic "strawman" argument.
No one is suggesting that America "simply withdraw from the world".
Well, maybe Pat Buchanan is making that argument, but certainly not the mainstream Republican Party, of which Ms. Cheney finds herself no longer a member.
Instead, many GOP members, most certainly those who supported Donald Trump are arguing that America cannot simply commit its blood and treasure everywhere an adversary acts aggressively.
The argument is not for "withdrawal" from the world but for choosing wisely if and how to respond to potential threats, relying on economic and political leverage, as opposed to military force as a first resort. This strategy implies a decision about what America's fundamental interests truly are, and thus acting with restraint where our interests are not directly threatened.
The business of Neocon GOP'ers sending other people's kids to fight their wars in far-flung places has been an abysmal failure, and Donald Trump was absolutely right to point that out.
In the case of the current conflict in Ukraine, America's interests are not directly threatened, but in time they may be. So the wise course of action (in my estimation) would be to use our intelligence resources, logistical support, and indirect military aid, as well as economic and political leverage to hurt Russia and impede their ability to successfully conclude the invasion.
Of course, the one way in which we could most directly threaten Putin's long-term goals would be to open up America's energy markets for research, investment, development and production.
Which is exactly why the idiot Biden won't do it.