In the wider war yes. This move will force Russia to pull units from reserve lines in other areas of conflict, therefore weakening the lines they come from. It will contribute to diminishing their manpower capabilities as they are capturing large numbers of Russian soldiers during this operation.
Most importantly though it gives Ukraine a bargaining chip at the peace table. If they have territory that Russia REALLY REALLY wants back then they will be more willing to cede territory back to Ukraine in exchange. Taking and holding these territories is a massive win for Ukraine.
Putting the war on the doorstep of Russian citizens is another way that Ukraine can pressure them into going to the peace table. If Putin doesn't do something about this then he will face a massive wave of dissent. He has probably already lost a lot of influence due to this happening.