Personally, I do believe that this situation is pretty dire, but it's not over by any means. It all really depends on whether Russia can get their shit together and pull enough troops for a counteroffensive, or if they're gonna continue to flail and pretend all is well.
This reminds me of the WW2 Sino-Japanese War with Russia taking on the unfortunate role of Imperial Japan, just with less war criming.
The Imperial Japanese (Russian) military also took a breakaway region Manchuria (Donbass and Crimea) in a covert action. After consolidating for a few years, the Imperial Japanese (Russian) military decided that it was now or never to take the rest of China (Ukraine). Though the offensive quickly took some territory, it was not decisive, and the Imperial Japanese army ran out of offensive steam after a year or so. While that was going on, they were put under total sanctions by the US, and are running out of oil and machine parts (semiconductors). The total sanctions halted Imperial Japanese (Russian) offensives in the China (Ukraine) theater and they instead went on the offensive against European possessions (European economy). Simultaneously, US and Soviet (NATO) volunteers poured resources into China (Ukraine).
If Russians learned Asian history they would've recognized Imperial Japan's problems and sought to avoid them. Unfortunately most Europeans are allergic to taking lessons from Asian history and do not understand it.
The luck for Russia is that leading edge semiconductors aren't as important as oil and food when it boils down to it, and the US Navy cannot blockade Russia effectively the way it could to Imperial Japan.