I disagree.
I think sanctions are having a profound effect on Russia.
The larger problem though is that Russia's state finances and foreign currency reserves are running down at a rate that will become critical by the middle of next year. Even before then, sanctions and war mobilization have led to a painful weakening of the Russian economy that is compounding in its effects. It is quite possible that Putin may be ousted or Russia defeated because of sanctions even though it still holds large chunks of Ukraine.