Yeah I would agree with that. Putin probably could use the state propaganda machine to invent a fake victory and withdraw, but he has clearly stated his opinion that Ukraine is historically and spiritually Russian land, so that is unlikely to happen.
Having said that he is mean poker player who relies on upping the ante to achieve his goals, even when not holding the best cards.
This has worked extremely well for him in the last decade. But surely now he must realise the ante is being upped against him, he's no longer in control of the game, and he risks losing everything.