I am biased, as Ukraine is my n°1. But it had been very high (top 5 level of high) in the odds pre-war, even with Kalush. Should it collect any "pity points", these would only push it from a big favourite into an even bigger one. If Ukraine wins, it is still a very deserved victory for me - I am really tired of people shouting "if it wins, it is only because of the war as the song has no merit".
Besides, I suggest we don't underestimate the opposite effect. I am pretty sure that by May, there's gonna be plenty of people thinking "oh no, not Ukraine again, they are everywhere, give us a break... shouldn't they rather be at home rebuilding their country?" (not thoughts I would agree with) and judge the song with this in mind.
The net effect might slightly improve Ukraine's chances, but it's not that big a thing. We would surely have a different n°1 had they sent a different song with less universal appeal (say, Barleben's).