The current turn of events would probably not matter much in the long run. Emotions are quite high right now so we are seeing anti-incumbency trends. I'm pretty sure these will go away soon once things get back to normal.
The Modi wave is not a myth. It's a reality. We saw something similar in 2018-19 where BJP were on a losing spree in state elections. That did not matter at all when it came to Lok Sabha elections. Ram Mandir will probably get ready by 2024 and that will fetch them the lost votes (if any) and I think there's nothing wrong in that. They are delivering on the promises they made, so the majority of the public who voted them for those promises will repay them via votes.
Add to this that there is literally zero opposition, I do not see anything but a win for them in 2024 too. You gotta give credit to their social media/TV presence though. They have made Rahul Gandhi a laughing stock and the Congress party irrelevant. They identified their biggest threat and nullified it.
There are talks that AAP might foray into National level but 3 years is too less a time to make any significant impact. On the other hand, Yogi is already heralded as the next sure shot PM candidate for 2029. I think BJP is safe for at least the next 2 terms at the very least and that's a very conservative assessment.
And oh yes, Kangana Raunat is soon-to-be a BJP MLA. I think that's her goal as well.