s/are doing/have done/
History is replete with completely incompetent offenses that were highly useful and motivating learning experiences.
I'm not sure that Russia is culturally in a position to be their own schoolmaster here, but they could be. And they have virtually infinite domestic capacity to churn out, man, and power last-gen war materiel, even with sanctions.
Only time will tell. Nobody knows anything yet.
Russian equipment loss in this war won't be replaced for decades if not longer.
Everyone refuses to trade with Russia until they're reduced to one of the most miserable countries on the planet. If their nuke program falls apart, several countries take some territory from them and no-one minds. Possibly they're reduced to selling parts of the country (maybe on a lease-like arrangement, which isn't unprecedented) in exchange for re-opening limited trade with countries that are willing, but see that they really have them over a barrel (China, again, is a likely beneficiary)
Several countries start or re-prioritize nuclear programs. Turkey, Iran, South Korea, and maybe even Japan, all likely candidates. Maybe more.
That's roughly what I'd expect the world to do about it, if the result isn't a spiral into outright nuclear war, or a swift and decisive coup in Russia. No, it's not good, but it's especially not good for Russia.
I see this differently.
My understanding of the Russian "heartland" narratives suggest Russia is dead if they cannot control Ukraine in the medium term. Their "multi polar" view suggests that they MUST be at the centre of an anti-US alliance extending across Asia, Europe and Africa.
From these perspectives they HAVE to fight this war now. Even if they lose now, they feel they have to keep trying.
He might "escalate to de-escalate", i.e. make a lot of noise about escalation to intimidate Biden (so far it worked), but it can only be bluff. Whichever metric you use, the ratio of power between Russia and Europe is much greater than Ukraine to Russia.