So, tellingly, the Russian air force failed to establish supremacy over Ukraine when Ukraine fielded only Soviet-era aircraft and anti-air (and in comparatively small numbers). Which strongly suggests that the Russian Air Force is not a particularly good opponent either.
But critically, the Ukrainian Air Force continues to exist as a fleet-in-being. So while it may not currently be capable of much force projection (I would argue that the Russian air force is also not capable of much force projection against a serious adversary), it does force its adversary to strategically deploy anti-air.
As Russian anti-air systems become depleted (which may be sooner or may be later, but due to the rapid destruction of S-400 systems of late, my money is on sooner), it is quite possible that the Ukrainian air force will play a larger role, especially given that training on F-16s commence in a handful of weeks.