Loss/victory is far too simplistic to discuss the possible outcomes and their consequences.
Putin seems to have painted himself into a corner where now his continued rule over Russia depends on being able to paint this as either a victory or a loss that's in no way his fault (because NATO started it and he was just defending himself). But also it seems that at the very least, he needs Crimea.
For Russians in general, they don't really need anything here. The real loss for them is that Putin is willing to sacrifice their entire country to bail him out of his fiasco. A win for them would be getting rid of Putin and not replacing him with someone even worse.
For Zelensky, the bare minimum is of course independence from Russia, and he seems to have won that at least. But millions of Ukrainians have been captured and often deported/abducted by Russia, and that's a loss too. He wants those people free, and he's absolutely right to. And he wants to keep Ukraine whole; accepting any loss of Ukrainian territory is a loss to him. Not to mention that it sets a precedent; Putin has a history of making small land grabs, and without hard security guarantees, it's likely that Putin will try another land grab in the future. And indeed Putin is still trying to grab more land right now. Putin wants that corridor to Moldova, and then Moldova itself. Leaving Putin in a position where he can try this again and again, is also a loss for many countries in the future.
So even if on the short term it would be good for Ukraine if the fighting stopped; if it's really just a temporary cease fire during which Putin can regroup in order to try again, that may be worse for Ukraine than trying to completely block Putin right now.