Putin has already lost this war, since his stated goal at the outset was to capture Kyiv and to oust and replace Zalenskyy's "Nazi" government.
Putin has strengthened NATO, isolated Russia, and put Russia on track to be a fading second rate 21st century economic and military power.
It's possible he believes the only way to maintain power is to put Russia on a permanent war footing, which would be the excuse he needs to maintain a permanent autocratic police state cut off from the west and it's 'decadent' influences.
As we all know, Putin changes his goals by the day, it means nothing to the Russian people, and they are the ones supporting him
He, along with Biden's efforts, has strengthened NATO and in doing so the power of the Western Democracies, but as long as Russia has oil and nukes, they'll never be a second rate military nor economic power.
And I can see him doing exactly what you think, a permanent war footing, an us verses them world to sell the Russians people, we've seen politicians in our own country employ a similar strategdy to maintain political relevance