If Russia wins or maintains a freeze in Ukraine, that emboldens China to move on Taiwan and the South China Sea, and the nations around the South China Sea.
China doesn't necessarily have to invade, it just needs to interfere in each nation's internal politics to install a Government favorable to China and Chinese Communist Party influence.
Iran will be emboldened to continue its struggle against Turkey, Saudi Arabia, and the West for hegemony of the Middle East.
It is to the advantage of the Axis of Evil - Russia, Iran, China, North Korea - to wage conflict on multiple fronts against the West. This will bleed the West of the resources and resolve necessary to outright defeat the Axis nations.
Victory for the Axis of Evil and its proxies is just to live to fight another day.