Red Sea operations must be judged against their stated war aims

Did the Red Sea shipping operation fail because it did not destroy the Houthis?

That was not its stated aim; the operation was intended to keep trade moving, not to destroy the Houthi movement.

The stated aim used to assess the Red Sea operation is keeping maritime trade moving. Destroying the Houthi movement would be a different and much broader objective. Judging the operation against that broader objective changes the standard of success. The question therefore turns on what the operation was actually intended to achieve.