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I dont think Putin sees this as a win tbh.
You have pointed out some facts (or believes) that could potentially be a possitive for him. But you have not provided a similar list of the facts (or believes) that could be a negative for him.I think the negatives far outweight the possitives thus far tbh.
Some random thoughts:
1). The Russian operational plan for the conflict at the start was predicated on the assumption that the Zelensky government would quickly fall. The political objective was to install a Ukrainian government that was a client of Moscow, with the assumption that this could be imposed on the Ukrainian people without much resistance.
2). It rapidly became apparent that this was not achievable. With galvanising leadership from Zelensky; effective military resistance; widespread support for Ukraine in terms of military and humanitarian supplies from the west; unification of NATO; and a powerful package of sanctions, a consensus emerged that Putin had miscalculated.
3). This consensus is prbably wrong. Despite not achieving his apparent maximalist goals, the war is benefitting Putin so far. His successes include:
Anyone materially disagree with all or parts of this analysis?