I think that's the correct approach. I get they might not have ties to Russia, but it has to be made clear that Putin, and by extension, Russia's actions aren't acceptable, and the fallout from being cut out and banned has to be directed at Putin.
I'm not sure how many other races it impacts but as to the F1 race, there's only one Russian driver and his dad is an oligarch close to Putin - and whose money is the only reason he's in that seat at Haas.