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To be honest, there's relatively little the Soviets and British can do to each other except along the Indian frontier ... which more or less means Afghanistan. Again, interesting to see which way the Japanese jump in that fight - and even the Turks might be persuaded to join in with Russians to fight.
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I don't disagree in terms of direct conflict. It's mainland Europe I was thinking about more. The Soviets, all flavors of Russia really, have strategic interest in expanding west to gain depth and resources. The British Empire, and all flavors of England, have a strategic interest in keeping Europe from being dominated by a single power. It's not that England would pose a direct threat to Russia, or visa versa, but that their interests in mainland Europe would collide, placing them at odds. War becomes more likely with Soviet control of Germany's economic center.
I think the GB vs. Soviet arms industry, in this scenario, is probably a more advantageous comparison than the GB vs. German comparison from RL history. This means that if the British intervene in alt-Europe, they might be more effective than they were against Germany. As in RL, its a matter of recognizing the threat, and being able to respond.
You point out that TBE would have other concerns, and that's how I see the Cold War scenario evolving. The British in a number of proxy wars with the Soviets. Between the proxy battles and dangers in Europe, the British are highly constrained. These constraints are eased by the quality/loyalty of their colonies and allies. However, the Brits, even with the Empire, don't have the industrial and economic power to contain the Soviets and the Imperial Japan.
Eventually, US economic and industrial capacity come in allied to the British due to similar interests.