To me it looks like the zionists are capitalizing on their success and pushing for an even better game-board and total victory against the axis of resistance.
They've conducted a genocide that while not total has borne them the results they want. They've decapitated the leadership of Hamas and Hezbollah. The latter of which subsequently agreed to stand down after the zionists attacked them after previously pledging to not stop attacks on the zionist entity until the genocide stopped and a ceasefire with Hamas was achieved. (Correct me if I'm wrong)
Syria has fallen to jihadists and US proxies (overlapping not exclusive) and they've taken part of its territory they've long wanted. Now's the time to press the attack, get papa US to come in and bomb Iran, suppress their other capabilities in the region and establish regional hegemony for the colonial outpost leaving only Yemen which despite its best attempts has not been able to meaningfully stop shipping since the beginning of NATO operations against them (yes it requires NATO to stick around and police them but that's not a particular problem).
Long-term implications have yet to play out. But in terms of hard power, the material on the ground situation in the middle east seems worse for the axis of resistance and the multi-polar coalition than before Oct 7th '23. It may yet be that this has all set the ground-work for problems and a collapse, especially with much of the global public against them, then again they may with their superior media machine and unlimited funds from the US be able to smooth over the genocide and get most people to forget about it in the coming years. Certainly the Arab monarchies are all too eager to get back to the peace table signing deals with the zionist entity. Yes NATO and US have lost credability for their two-faced-ness on the Palestinian issue vs Ukraine but mainly with countries already skeptical of them anyways and it's not anything the global US media hegemony can't potentially repair within half a decade or so IMO.
You hate to see it. But the gameboard is at least more complex if not in a bad state from our perspective. We'll have to stay tuned for future developments as things could dramatically change in ways that are hard to predict but right now the initiative seems to be with the US and their zionist outpost which is unfortunate.