Putin claimed there's a conventional capability being readied for that missile, and I'm actually inclined to believe him.
If, as Budanov has said, this Kedr missile actually carries 6 MIRVs with 6 submunitions each, it might be able to be used as long-range substitute for conventional rocket artillery. The footage I've seen so far strikes me as a bit inconclusive in terms of the system's accuracy; the CEP was too big to allow for a precision strike against a small target.
But it wasn't aweful either. I tried to use geolocation and think all visible hits (18 to 20 by my reckoning) landed in a ~200×300m area. Perhaps smaller. The factory complex they hit is big, but not overly big, and I couldn't find evidence of hits outside the perimeter.
At some point, you could absolutely use that missile conventionally to obliterate something like a division headquarters or a squadron of aircraft being prepped on an airfield tarmac. If that thing is really a variant of the RS-26, its payload would be 800-1,000 kilos. Nothing to go crazy about, but not to be ignored either. If Budanov's assessment is correct, we're talking 30 kilos per submunition, so almost three times the explosive yield of a 155 mm artillery shell (add the projectile's kinetic energy on top of that).
In other words, that thing would give Russia the ability to conduct the equivalent of an artillery battalion striking a target 5,000 kilometres away. That's not bad, not bad at all. And right now, only Aegis Ashore and maybe Arrow-3 can shoot that thing down.
I'm quite convinced a conventional deterrent and conventional strategic capacities are rapidly going to become a thing in this day and age. Iran has proven you can attack a nuclear-armed country so long as you do it right. And remember what Teheran feared the most about Israel's response? Not a potential strike against high-value military or political targets, but against their oil and gas industry.
I suppose this is going to become the new norm. Imagine two Kedrs fired at the port of Rotterdam. Maybe even in a manner as outlined in Putin's November 22 threat to Ukraine's Western backers, i.e. with Russia giving a forewarning so that civilians can get out of harm's way.
The Dutch economy would take a major hit from that; but can you imagine NATO going to war over a destruction of property and maybe a couple of people injured? Politically, this missile does have a potential for escalation. And poses some interesting questions.