Yes it's basically that, Ukraine deserved to be invaded because they were aiming to join NATO, and, presumably is fearing an invasion of Russia by NATO. NATO doesn't have a track record of imperialist invasions so that's bullshit.
Security fears are legitimate at least and no one would hold it against Putin if he proclaimed them publicly but he's being cagey about his motives instead making up stories about Nazis and what have you.
In the Fridman video from 2 years ago he says Russia doesn't have an army nearly big enough to occupy Ukraine. Currently they have 20%, doing just fine and pushing for more.
He's making comparisons to the German occupation of Poland. That was very different, Ukraine was already somewhat Russia aligned. The 2014 revolution tipped the balance a bit towards the West so exchanging some people at the top will tip the balance back towards Russia or so he thought.
The Polish back in the day were controlled by Germans, but the Russian occupied territories aren't full of Ukrainians being controlled by a few Russians. Instead the Ukrainians have been displaced by Russians entirely.
Russia has huge internal problems with society ever having fully coped with the fall of communism. There a lots of young unemployed men with no prospects just like in America after deindustrialization. In America they take fentanyl in Russia they become mercenaries for Putin.
Nothing adds up with this guy and he's full of shit.