The Watergate investigation was to determine responsibility for a definite crime—the Watergate burglary and its cover-up. Its result was the resignation of President Richard M. Nixon under threat of impeachment.
The Whitewater investigation was a fishing expedition to find a crime for which President Bill Clinton could be blamed. Its result was a failed impeachment of Clinton for lying about his sex life.
The investigation into the Trump campaign’s alleged contacts with Russians is more like the Whitewater investigation than the Watergate investigation.
What you have is reports of conversations between Russian diplomats and politicians and Trump supporters. It is not a crime to talk to a Russian. It is not even suspicious behavior. Talking to foreigners and diplomats is something that Washington politicians and officials do all the time.
The biggest harm the Russian red herring does for progressives is to give Donald Trump a free ride on creating a government of militarists and Wall Street plutocrats.
And his actual policies—tax cuts for the rich, increased spending for the military and austerity for everybody else, privatization of public education and infrastructure, covert attacks on Medicaid, free rein to polluters, attacks on science, climate change denial, and much more..