It definitely follows some fairly well worn tropes, but it's a Marvel / Disney TV show. It was never going to be a deep exploration of growing global malaise designed to make people question the underpinning constructs of society. I think it treated the Flag Smashers as sympathetically as could be expected, and definitely didn't paint them as "the real fascists".
I wasn't a huge fan of the series overall maybe 7/10.
Whats interesting is it originally might have gone in this direction. The director as well as other leaks have noted that there was an entirely different plot that was removed around pandemics and inequality that was because of the similarities to what was going on around the world.
Remember the original release date was in the middle of the pandemic and right after George Floyd. It probably wasn't a good look to say a man made virus was released by an Asian country. Even if the country is fictional.