It is a disaster for Farage. He looks like ridiculous with almost every outcome. Last by-election he (Reform UK) won with about 45% of the vote. This is a big win in UK elections as there are typically about 4 parties with a decent number of votes - MPs often win with a lot lower figure than that. This was in the context of a General Election with huge publicity and was probably at the peak of Reform's popularity (they have slipped a fair way since then). Even then, almost 55% of the people didn't vote for him. That leaves a huge number of voters swilling around with nobody to vote for. Maybe they won't bother voting, but on the other hand, maybe they will. Recent elections have shown a lot of tactical voting (i.e. people voting for the party most likely to beat an unwanted candidate) - if people are motivated enough to do that, then they may well be motivated enough to vote for a Bin. There's a lot of publicity and the election is taking place August when all sorts of random things can happen (it's referred to as the Silly Season because there's a typically a bit of a new vacuum). That said, Farage will probably win, but unless he wins by an absolutely overwhelming marging (i.e. Binface only gets a few hundred votes) he is hugely diminished.
That's also before you consider who Binface actually is - he graduated in Classics from Oxford University, has been a script writer for the Thick of It and Have I got News for You (both popular political satires) and has a Podcast that gets some big names on it. Every interview he does, he comes across as extremely smart, sharp and articulate. If there is ever a face-to-face discussion between him and Farage, it will generate endless clips of Farage's humiliation.
Policital affiliation aside, it is good to see somebody arogant and entitled brought down to size.