Yes, it was overblown, hence my comment on the first day that Biden announced them to the effect that we were too late and that we needed sanctions/assistance of more immediate impact. The west, being economically driven, tends to see everything through that prism, and I think probably underestimated the Russians' (or, the Russian leadership's) willingness to suffer (or impose suffering) in time of war, and perhaps even to go relatively "off the grid" a la North Korea. Further, I think we thought the billionaires controlled Putin, rather than the other way around (again, projecting our own sense of things on to them and forgetting their long tradition of security apparatus). Mind you, it remains to be seen whether they really can go off the grid, and for how long.
Thankfully, I think many, myself included, underestimated the Ukrainians' willingness to resist militarily, and, as with the Russians, their ability to suffer. I doubt that the people in this country have what either of them have in that regard.