The other factor is that, in 1938, Britain was in no fit state to go to war against Germany. At that time, Fighter Command comprised just 25 squadrons, most of which were still biplanes. At the time of the Battle of Britain, the RAF had 63 fighter squadrons, almost all equipped with Hurricanes and Spitfires. The speed with which Britain was re-arming in the late-1930s often gets forgotten. It was galloping to regain some sort of parity with Germany, and it was a race it barely won even with the outbreak of war in September 1939 when there were just 18 Hurricane squadrons in Fighter Command.
With a massively outnumbered, outperformed and outgunned fighter force, zero strategic bombers, and an outnumbered army, it's tough to see what Britain could have done to deter Hitler in 1938. It's particularly hard to see how Britain could have stopped Germany advancing into the Sudetenland. The only option would have been to band together with France and attack Germany...and that was not politically viable given the vivid memories of the Great War.
Chamberlain gets a lot of stick but he bought critical time for Britain to continue re-arming. It's also worth remembering that no other leader of a major power was doing anything more aggressive to deter Hitler. Lumping all the blame on Chamberlain's shoulders is unfair.