If the Olympics can be hosted in China, then the selective application of virtue signaling surely need not to apply to Russian athletes. After all, an unworthy war by Russia isn't too much worse than concentration camps of muslims by China. We don't punish the athletes for the actions of a country's government.
You also can say that average Russian people aren't responsible for war, but sanctions mostly affect them. I would call it as collective responsibilty. It's far from perfect solution, but nobody didn't offered better solution
And IMO, countries like China or Qatar shouldn't be allowed to held such competitions like Olympics or Wolrd Cup.
I'm not a big fan of sanctions either to be clear. Putin isn't personally hurt by the sanctions. His oligarch billionaire friends are still doing well for themselves too. It's the middle and lower class Russians that pay the biggest price. There are plenty of Russians that don't agree with Putin and his war. If protests were allowed in Russia, I'd imagine there'd be more vocal dissent than what you're seeing. If an organization wanted to boot explicit pro-Putin athletes, then perhaps that would be more reasonable than punishing someone that has nothing to do with the invasion. Just my opinion.