Russia is burning way more missiles than they are producing, so that’s still “running out”. They have run out of the majority of their stock of things like Iskander where they are at 1/6 their pre-war stocks, and are at levels of sea and air launched cruse missiles that would make NATO forces quite nervous.

But that’s still hundreds if not low thousands remaining, and not even counting the 6000+ S300’s that can also be used in a ground attack mode.

What we’re seeing is Russia being willing to deplete it’s stockpiles far further than we though they would. This cripples their ability to project force or have credible deterrence in the future.