You have quite a firm opinion considering that you haven't watched it. It's really not bad. The series of course tries to address the viewers with little to no knowledge about cycling. Whether you call that dumbing it down or an introduction into the world of cycling - we could debate that... I think if you start at the basics, it's not really dumbing it down - it's something you need to do for a wider audence to understand it. And next year, should the project be extended, we may get a much more nuanced view of what happened.
Regarding drama: The fact is that in the series, Jonas himself does express his concern after stage 4 about Wouts priorities and
Niermann does go to talk to Wout (after he won the stage) to very carefully point out that they are basically here to win the TDF not individual stages. I think this is some genuine drama (there must have been a couple of pages written on that topic on this forum) that I was not aware of until I watched the episode. It was not even blown out of proportion. It could be presented way worse, given the actual footage they got from the participants.
And if Netflix made a Vuelta documentary, they would probably take quite some time on the Roglic-Wright incident. And we would discard it as being overly dramatic. The same people who wrote 40 pages worth of material on this topic. Who's being overly dramatic?