The argument to rebuild don't work because Ukraine can rebuild too, and russia is advancing at snail speed but still, and a Ukraine rebuild would complete derail that advance with better defenses
The argument to rebuild absolutely works. It allows Russia to recover their frozen assets, partner with China and Iran, and work with the US leadership. Understand that NATO will be diminished if Russia claims they are peaceful.
That's only if Ukraine continues to get massive outside investments. Otherwise Russia has a bigger revenue stream and weapon factories.