The working theory is that this so-called ‘peace conference’ was only to try to convince the world that Zelensky was still the leader of Ukraine - and it failed at that, given that Biden and China didn’t even bother attending.
If Trump is not elected in November, this war could go on for years until there are no Ukrainians left. Meanwhile, Biden and Blinken keep pushing the idea that peace negotiations will not be conducted with Russia until all Russian forces are expelled from Ukraine, including Crimea. Escalation is also a distinct possibility, given Blinken’s recent rhetoric.