I also don't believe the military would launch an all out attack on what is pretty obvious lies to everyone in the world (Neo-nazi causing genocide in Ukraine? It's just bonkers stuff). So the threat will be taken seriously in public by politicians but behind the scenes I suspect the various intelligence services will sniff out the real situation with willingness.
Can't say the same for tactical nukes though but should such a thing happen it's time to send in the West for real, kick them out of Crimea and permanently base troops along the border to send a message that he crossed the line, that he used nukes for the first time since WWII, for the most petty and pathetic of reasons. The West has played this game long enough, we have Russia, China testing our resolve, inch by inch, seeing what they can get away with. Biden saying he'll protect Taiwan is another good move, officially nothing has changed but make it clear that it's a red line.