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Putin can reduce Kiev to ashes quickly by using nuclear weapons. He can't do so with conventional weapons, at least quickly enough to matter. That has been amply demonstrated.
What is unfortunately also true is that Ukraine has had no viable path to victory since the failure of their 2023 offensive. Eventually that takes a toll on morale. That will defeat Ukraine within a year or so anyway, best case, unless something "significant" changes. Worst case, Ukraine could crack at any moment.
Russia has its problems as well. The main differences are that 1) they have several paths to victory, so it is reasonable for them to believe they can attain it, and 2) morale isn't a problem in the general populace, at least not yet.
Unfortunately the US is not in any way practicing Realpolitik. Talking to Putin is viewed as a "victory" for Putin. Fine, peace talks have to start somewhere. However, that encourages Putin to believe he has the upper hand and encourages him to be intransigent. Even more unfortunately the US then proceeded to confirm that he did in fact have the upper hand by starting negotiations to restore trade relations with the US. Realpolitik would have required a quid pro quo. We got nothing for giving something. We didn't have to do that. IMO very stupid negotiating tactics and in no way Realpolitik. Right now it appears we are in full Neville Chamberlain mode. Start talks. Sequentially concede to your opponent virtually everything he wants. Declare victory and peace in our time. That didn't end up well. Arguably that approach leads even more directly to WW III than giving Ukraine more aid will.
In general nobody, even Putin, will start WW III on purpose. Too big a risk, too much downside. However, it is quite possible that WW III will start based on a miscalculation. I don't need to remind anybody that WW II started that way. Hitler didn't think France and Britain were serious. They were. The Ukraine war itself started based on Putin's miscalculation of a quick (matter of days) victory. There is ample reason to believe he can miscalculate again. I for one would prefer that we make it clear by our deeds that aggression against sovereign European states by Russia will be resisted by effective force. Failing to do that invites a much wider war when it becomes (as it inevitably has and will) vital to US national interests that we do so.
The one thing that may save Ukraine, at least temporarily, is that Putin will believe Ukraine will completely crumble soon and therefore he won't take a deal, no matter how favorable. I now don't think it is actually possible for Putin to overplay his hand in negotiations. We have cleverly positioned ourselves to have no political leverage at all. I previously had some hopes for Putin being so unreasonable that the US wouldn't accept the obviously disastrous deal. It appears we aren't even hoping for a "decent interval".
The Europeans apparently can't get their act together regarding how they might participate in a cease-fire/surrender deal. I can absolutely guarantee them that if Ukraine goes under, the refugee crisis in Europe will make their current migrant problems appear nugatory. Those Ukrainian young people "saved" from the war will be on their way into Europe in a heartbeat. The old people will be two steps behind them. The Moldavian population will probably be right behind them.
Actually, there is a second thing that may save Ukraine. In war, nothing is certain. Since Ukraine isn't involved in any negotiations they aren't bound by the agreements reached therein. They can keep fighting, at least for awhile. Sometimes things happen.