Of course, the naval limitation and strategic arms limitation treaties were mainly useful economically. The naval treaties did approach the issue from keeping the WW1 status quo in terms of proportions (with Japan kept down, although their economy couldn't have supported much more than that anyway), and couched in terms of world peace, but iirc the main intention was to prevent Britain, the U.S., and Japan from a potentially financially ruinous naval race. Afaik, the same concerns were the driving force behind SALT and similar measures--although the nuclear arms race isn't as irrational as a lot of people assume, since larger nuclear forces are both more survivable as well as more capable of a counterforce first strike.
The Versailles provisions were more clearly intended to keep Germany from rearming, and much more one-sided, and the "no dreadnoughts, no air force" constraints of Versailles are more analogous to the "no cloaked starships" cage Algeron bafflingly puts the Federation in. Also, there doesn't seem to be any compelling economic drain from equipping starships with cloaks.
Indeed, it's very hard to understand how the no-cloaks-for-you-ever-but-cloaks-even-on-our-shuttles provision of the Algeron Treaty would ever be accepted by a government that was not under duress. There's just no consideration on the other side (at least, that we've been told of)--although perhaps Algeron is a reaction to the Fed-Klingon alliance. The Klingons can keep their cloaks as can the Romulans, but the Federation is not permitted to and thus really upset the balance of military power; in return, the Romulans undertake to no longer destabilize the Klingon peace. This is pretty much undercut by all those episodes where the Romulans do destabilize the Klingon peace, however.
As for more advanced aliens, that's more of premise issue. The notion that dozens of independently-developing species arrived at sapience, let alone civilization, in generally the same timeframe, is much less likely than the humanoid frames most of them possess. I think I'm glad they never did an episode trying to explain that, though.

I see no reason why the Romulans wouldn't be the first in local space, in this age, to develop cloaking technology.
Actually, now that I think about it, I believe they're nearly the only ones to develop it independently. Klingons likely gained their cloaks from the Roms; Cardassians don't usually use cloaking devices; Feds almost never use cloaks; Talarians, Ferengi, Gorn, Tholians, etc., don't appear to either. (But Breen do. I think?)