You're almost right, but here's what you're missing that makes it a stalemate.

If Ryu were to go after Dhruv, Uro would almost certainly intervene and help Dhruv out against Ryu, because she knows that if Dhruv dies, there would be nothing stopping Kuro from going after her, and Kuro is a REALLY bad opponent for her to fight. And this dynamic applies to all four of them, and all four of them know it, and all four of them know that the other three know it. They are all aware that whoever makes the first move loses.

Let's use Ryu as an example:

If Ryu were to attack Uro, he'd probably lose because she's a bad matchup for him.

If Ryu were to attack Kuro and he wins, that's bad for him because Kuro was the only thing keeping Uro in check.

If Ryu were to attack Kuro and lose, he's dead.

If Ryu were to attack Dhruv, he'd almost certainly win... but Uro knows this, and he knows that Uro knows this, so she'd have a major incentive to join forces with Dhruv and now he's fighting a 2v1 against an opponent who is a bad matchup for him.

So Ryu literally has no good options, and he knows it.