Chambeerlain has received a very slanted view. In 1938, he travel to Germany, by air, a first for him. He was not fooled at all by Hitler. He came away fully convinced Hitler wanted war, and war in 1938.
Ross Williams is right that Britain was not ready, not by half.
After signing off on Hitler getting the Sudentenland, Chamberlain returned to Britain. He gave his speech of "peace in our time", then he went to work.
The 21% of GDP to the military, was also 50% of the governmenet budget. He had factories, that is the walls, floors, and roofs built. FIguring later he would know what would be built there. He maintained an image, which was not false, of competence and confidence in Britain.
In starring at Hitle, he was starring at a living embodiment of the Somme. He kneew it, and knew Britain must prepare, which he did to the best that time could give him.
Hitler was confounded. How could this simple Englishman stop his beautiful war. Chamberelain at the same time gave the West time to prepare.
For further depth on this, read Stephen Kotkin's book, Stalin, Volume 2. The index will give you the pages.