They're hedging their bets, which is what got them in this mess in the first place (2018 revolution). It's retarded to try to and play footsies with two antagonistic great powers at once - the other side will prioritize their long-term partners who have irreconcilable differences with you, and your own historical patron will now no longer trust you. You lose what little leverage you had. To be fair, the people probably didn't have much say in it, seemed like a standard 'revolution'. Pashinyan is hated, being the main reason that Russia began to withdraw from Armenia, resulting in the complete humiliation of the country.
A bit mystified over the idea that Ukraine is the reason Russia didn't help them. The Second Nagorno-Karabakh War ended in 2020 with complete Armenian humiliation. Russia invaded Ukraine in 2022. The breakdown in relations began in 2018 due to the overthrown of the Kremlin-friendly government, and the later conflict was just the killing blow to an already critically weakened country. Now they basically have a puppet government and are the red-headed stepchild of the Caucasus, being the last of the three to align with the West, living under the table and subsisting off of table scraps. Very sad, honestly. Classic Scylla moment - a wise ruler makes use of a traitor but never trusts one.