If you think about, without the pandemic and economic recession, Trump very likely would have won another victory...
It just shows that trump infused brand of republicanism is very much alive and gaining especially among Latinos immigrated from "socialist" countries.
Despite Trump appears to be losing, this election is still a nice win for the republican party. Polls got it wrong again, no blue wave. In fact, republican party is likely to maintain its majority in the senate and manage to win a few seats in the house. With the new makeup of US supreme court, Biden when elected is probably not going to be very effective. It would make things much easier for republicans again in 2024.