If Russia wasn't planning to invade, they did the Ukraine one hell of a big and expensive favor. I can't see what Russia expected to achieve if it had no intention of invading. The economic cost of relocating ~150,000 soldiers, along with massive numbers of tanks, aircraft, and various equipment from all across Russia, as well as building all the support sites needed to house and maintain troops and equipment is enormous. It's an enormous cost to pay for an empty threat, even without it handing Ukraine a tremendous victory without a shot being fired.
Ukraine has been begging the US and UK for the latest gen anti tank missiles, the famous Javelin and less famous, but equally devastating NLAW missile systems for years now. These are infantry weapons that can reliably defeat any tank Russia has. Ukraine has been facing off against Russian tanks in the Donbas conflict and suffering terribly, and these weapons would go a long way toward evening the odds there.
The US and UK have until now largely refused to sell Ukraine these weapons (and Ukraine has offered to pay way over the market price), out of fear it will escalate the Donbas conflict. Ukraine says it needs these weapons to defend itself if Russia tries to invade Ukraine proper, but the US/UK have taken the view that if Russia ever did that, it will take Russia months to move so much troops and equipment and will be caught by spy satellites, leaving plenty of time to rush those Javelins/NLAWs to Ukraine.
I cannot overstate how badly Ukraine wants these weapons. They begged and begged president Trump for Javelins, the entire debacle over the infamous Trump "Ukraine call"/"quid pro quo" thing, and indeed the allegations around Clinton/Biden interfering in Ukraine were all about those missiles and what Ukraine would be prepared to do to receive them. Getting those missiles is Ukraine's number one foreign policy goal.
Now Russia has spent the last few months doing exactly what the US/UK said would be make or break time for sending missiles to Ukraine. And the UK (and probably the US) have indeed followed through on their tacit promise to get Ukraine those missiles if that situation were ever to arise. It has been reported that the UK in the last few days has transported 1,500+ NLAWs and counting to Ukraine. Russia still has the air superiority, but that is why those missiles are so important to Ukraine. They have plenty of tanks and artillery, but Russian air superiority will take out the majority of those in the first hours of an invasion, leaving Ukraine's 200,000 troops mostly helpless against Russian armor. Until now.
Any Russian invasion will now take devastating casualties to their vehicles, as a lone Ukrainian infantryman only has to get within 600m of a Russian tank to destroy it. Even if Russia backs down and doesn't invade, expect Ukraine to use NLAWs in Donbas from now on. By any account Russia shot themselves in the foot with this little stunt. Do we really think they did it for nothing?
I don't think Russia actually expected the UK/US to come through with the missiles to Ukraine this fast. Russia probably expected that they had sowed enough political chaos to paralyze the US and UK into inaction for at least a few more months. If so, they badly miscalculated. But now Russia has a problem. Just about their entire foreign policy strategy is based on brinkmanship. You never know what they're going to do next. You are always wondering how crazy they really are. It makes it hard to back down now. It shows that are really scared of confronting NATO and sets the precedent that as long as NATO holds strong Russia will back down. I doubt Putin will accept that.
My expectation is that they will stay on the border of The Ukraine, rattling the saber and keeping everyone on edge, while working inside to destabilize their economy and government. Their goal will now be to get a government installed that will invite them in.