Yes, she is trying to protect her career because she knows that Donald Trump is a reckless person. She doesn't want people to think she has anything to do with any of the garbage he spews. She is ready for the campaign to end, so she can get away from this entire situation and work with candidates that she can actually control.
Clearly, she wasn't hired to "manage" the campaign like a traditional campaign manager; her background is in polling and messaging, not in the nuts and bolts of running a campaign. It doesn't appear as if anyone is actually in charge of the traditional campaign activities. My guess is that Conway insisted on the title in order to burnish her resume, and Trump was fine with giving that to her. Of course, in retrospect, it's hard to imagine how the results of this campaign are going to make her a more attractive candidate for campaign manager for any future higher level politically campaign.
Either she told him this and he is expecting a loss, and simply wants to boost his brand, which does not seem to be working, or she is trying to protect her ass and wants to keep her career. He sounds more dilusional than as if he is trying to or expects to lose.
Yes, she is trying to protect her own career. At this point, she knows Trump will lose, and he could bring her down with him. She needs to do her job but separate herself at the same time. It will be difficult but she needs to get away to have a career afterward.