I never got "Parody" vibes. Especially once things went forward on the narrative after Neo was brought back to the real world. The Matrix Resurrections to me works as a self-criticism and self-mock, because it tries to present the question on the need to do something. The need to have something, when we can go to one route.
I do genuinely think this should've been delayed to January, as it would've done better there; but to say it is a bad movie in my eyes, isn't exactly fair. The only thing I genuinely do have criticism on, and it's something you mentioned, is the action feeling for the most part un-Matrix like. I'd though argue that to the fact that this is Lana's first time individually directing a film. Previously, the first time she worked on all by herself; was that of Sense8. Might not be her wheelhouse directly, and that could've been Lily's.
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Matrix Resurrection's is one of those films that I wonder if Lana would've intended to have it be a premium TV show. Definitely feels like it could've been expanded, and given full scale/scope that TV does. But in that, WB, would've pressured Lana to do this in film format only. Because to me, I genuinely think this could've been fully expanded in TV and longer form media. Lana has had success there, so it would've made absolute sense.