It's absolutely awful for the Ukrainians, who have plenty of fight left in them, but lack the funds and the domestic military capability to fund / fight this war on their own.
They'll be forced to forfeit 20% of their country and all the resources located in those territories and Russia will be allowed to bully another country in its proximity and take more of their land.
The West had a glaring opportunity to exhaust the Soviet stockpile using very little funding (relatively speaking). Walking away from that strategy is a mistake. Another $200 Billion usd in funding would have been enough to leave Russia's armor stockpiles in shambles. It looks like Ukraine will probably only receive $50-$75 Billion usd worth of those funds, which will leave the job undone And will leave Russia as a significant offensive threat to region in the coming years.
You underestimate the willpower of the Russian people, they would have won this war regardless, only with many more million dead people and Ukraine would be even more exhausted and destroyed, already generations of Ukranian young men are dead, I wonder how their population will grow in the future to be honest.
This was the best case scenario for Ukraine... well... the best case would have been to negotiate a peace after the offensives they did when they held much more Ukranian land but that was long ago, sadly the West blinded by wanting to weaken Russia as much as possible was completely incompetent at preventing what happend in the past months where Ukraine has less and less land and it keeps losing more and more, so in the end they will have even less land available because of this st*pidity.