I don't think so.

To make this argument, you're presupposing the audience is aware of the meta narrative -- that they're in on the joke and just don't like the punchline.

Audiences didn't like "The Matrix: Resurrections" because it's BORING.

There are plenty of films that take on Hollywood and showbiz corruption while remaining entertaining, even artful. Altman's "The Player," "Sunset Boulevard," even "Valley of the Dolls" or "Birdman."

I've heard a similar argument to this one on YouTube, only there it was accepted that the film is cringe-boring, and the critic supposed that, having been suborned into it, Lana made a crap film on purpose.

I would sooner buy that argument than the idea that it's just misunderstood high art.