Their demographic collapse was happening anyway. This made it worse, but they may have already just been resigned to that. I think that's also what made them desperate.

The cost to Russia has been steep, but I think Russia is walking away from this feeling good. Russia's borders are vast and undefendable so they view it as existentially important to control their bordering states as buffers. When one of them flirts with joining NATO they view it with almost the seriousness with which the USA would view, I don't know, California flirting with becoming a part of China.

Its only a catastrophe if they didn't get Ukraine. If they have compromised the sitting US president and get Ukraine they will write history books forever in Russia about how they defeated a super power, expanded the county, with a shit army and Internet trolls.