Here's why I
don't think so.
It should start with protection of critical civilian infrastructure - like power stations. Nowhere near the front, initially. But near NATO territory on the Western border. And, protection of shipping locations - like Odesa and Kherson, and the routes to the Mediterranean.

That is for humanitarian aid, and the interests of the world. International control of the ZNPP. Specific locations that the world can understand. Make it hard for Russia to protest, but do it anyway.
Once that is established, it might
need to be expanded for logistical reasons. Say, all of the sea areas west of the Crimean peninsula. The protection of Moldova, too, perhaps.
Then, of course, if Russia violates that airspace... well, then there will have to be sanctions and other repercussions. Impoundment of Russian commercial traffic.
But, I think that the international community lost an opportunity after the Kakhovka dam breach. They should have taken action
then, to
push international aid to the affected area. Do it, and prevent Russia from doing anything about it - because they can't. A no fly zone would have been a natural adjunct to that activity.
Finally, I have stated numerous times in this thread, it is a false assertion that this "
could initiate WW3". That has already started, we just don't acknowledge it as such, yet.