Well, maybe there is an element of propaganda about it, but all Russia's European neighbours are deeply uneasy. Finland and Sweden have joined NATO after a long period of neutrality. President Putin has expressed grievances about the aggressive stance of the NATO countries 'surrounding and threatening Russia'.
The full might of Russia has not been fully deployed against Ukraine. Possibly Putin and his military under-estimated the strength of resistance; they may even have thought they would be welcomed by Ukrainians. Perhaps Putin feels restrained from fuller deployment because his hold over the satellite states to the East is weak and there is a need for a strong military presence there.
As for swallowing Europe whole - it is hyperbole. What is more credible is that the Putin regime hankers after the Soviet possessions; Finland Estonia, Lithuania and Latvia. Moldavia, Belarus, the Balkan states, Hungary and Poland are also on the line.