What the guy at 1:49 points out. Never was mutually exclusive. Is it all about NATO ? No, not even close. There were first and foremost economic interests. The EU and Russia were fighting chiefly for influence in Ukraine, not over some bases. Rather trade leverages like the gas transmission system. Russia beat them to it, succeeded in securing a puppet, while the West supported their removal. NATO is mostly used as pretext. But it was also about NATO and eventual early termination of the Kharkiv Pact.
In the end what we have is reality ( Russia invading Ukraine ), versus unsubstantiated fears ( Ukraine ever joining EU trade empire / NATO and Russia losing its Crimea bases ). Former ocured while latter were merely distant possibilities, if the pro-EU raproachment wasn't impaired and cancelled by pro-Russian Yanukovich, which ultimately lead to war. It cannot be downplayed how hard the West mishandled the situation too, not just in 2014. Both sides escalated it. But Russia actualy invaded and landgrabbed and no, remember their narrative was not "bUt nAtO".
It was "Ukrainian Nazis", followed by "Crimea / Eastern / Southern Ukraine were always Russian". Which was very straight forward and unequivocal in their and Putins rhetoric and actions ( publicaly declaring 15% of occupied Ukraine annexed and part of Russia ). Despite the 1997 agreement.
Did they clap two birds with one stone in this ? Yes. Ukraine's chances of ever joining NATO have dramaticaly decreased from maybe ever to nigh impossible now. Unless they succeed in their reconquista. Meanwhile the Russians are fulfilling their Greater Russia dreams.
On the other hand, their invasion caused a few other countries to join or finalize their membership process instead. Granted, in their cases it was really just a formality at this point, but still a negative development for them and also a mountain of irony. Instead of 1, they now have 2 more NATO countries at their border and eventualy a third and fourth one in the future.
So yeah. Personaly what I feel is, that given the above mentioned and what actualy happened ( genocidal invasion + literal annexations ) vs paranoia ( the thought of EU / NATO enlargement ), they can mildly put, cry me a river of Borscht for anyone not taking their bs narratives seriously.