Yeah that sounds like a realistic, if a bit hyperbolic, portrayal of at least some people’s experiences.
I haven’t personally been in any conspiracy theory rabbit holes, but I’ve seen a few people slide into them. There are some people who are so far out there they generate much of the nonsense, but I think there are a lot more victims than crackpots. And I think most of them have a nugget of truth or legitimate grievance in there somewhere.