Looks like Putin blinked. He is calling for diplomacy and pulling some forces back. That's a win for Biden's handling of the problem. But I would say it's still at least as dangerous as before. First, Russia didn't need all those troops to invade Ukraine in the first place, so even if he leaves just 10-20K there it's still a credible threat. Basically, all those troops were always a distraction and represented a strategic over-kill. Second, there was no resolution to the basic issue one way or another, so we could do this all over again in a couple of years. So as Ukraine's president has said, they have been under siege for 8 years already and that won't stop. In fact, Russia is more likely to go to the "change of leadership" mode, which constant disruptions to the Ukraine inner workings. And finally, we gave Ukraine a lot of stuff we wouldn't have given them under normal circumstances. We've seen this movie before and how long will it be until those weapons are pointed at the wrong people?
The only good thing here is Putin seems to be playing chess - he's not bat-chit crazy. He is acting aggressively but rationally. In a way, it made sense to test the west especially now with the US so preoccupied with itself. But if he accepts that with all of the chaos the Biden administration is dealing with, they have their eye on the world chessboard, there can be a resolution.