Just ask yourself this...
Who in NATO will now advocate for Ukraine joining?
That is completely and indisputably off the table, with universal recognition it will never occur.
That alone is a major strategic win for Russia. Certainly worth their losses.
Who will now take Russia seriously when they state their essential national interests are at stake? Uh....everyone.
And there are more wins coming when the sanctions regime implodes.
The big battle will be for Odessa.