While trying to save Iris, the heroes of The Flash were willing to do just about anything to protect the non-powered member of their group, including risk being destroyed by Savitar in her place. When Wally, the one speedster even faster than Barry, attempted to stop Savitar, he wound up freeing the villain and became trapped in the Speed Force, which you may remember as the dimension where speedsters can become trapped after dying or if they misuse their time-manipulating powers. But now, is Wally dead on The Flash, or can he possibly be saved from the Speed Force?
The Flash probably won't be getting rid of one of its main actors anytime soon, so there should be a way to keep Keiynan Lonsdale around in some form, even if he doesn't remain the same version of Wally West that we've gotten to know this season. However, Wally's return could happen in many ways. From speculation that Wally might possibly be a time-bending Savitar himself to the chance that the team could trade someone else — maybe even Barry — to the Speed Force in exchange for Wally.
The only thing we know for sure is that Barry will try to save Wally in the March 14 episode, appropriately titled, "Into the Speed Force." Photos from the episode reveal that along the way, he will come across several major characters from his history, including Eddie Thawne, Captain Cold, and even Jay Garrick.
There is another way for Wally to be saved: he could choose to leave the Speed Force without his powers. Gaining them back, however, might be difficult. Savitar was able to trick Wally in the first place by taking advantage of his insecurity and desire to be a hero with some misleading visions. Because Wally's own obsession with becoming a speedster took up most of his post-Flashpoint storyline, I think he would struggle greatly with the idea of giving up his powers in order to escape.
Wally was given his powers by Savitar, and it's possible that in order to leave, he'll have to give them away. If that's the case, Iris is no closer to being safe, while Barry will have lost the only person on his team who was fast enough to potentially stop the big bad (causing yet another plan to backfire). Savitar certainly has the upper hand, but at least Wally is likely to survive his time in the Speed Force, even if it could cause a different kind of loss on The Flash.