Well, no. Billy has a tragic backstory, Brenner turns out to not be a total monster, and Vecna, despite being PE, is still one of the most complex characters in the series thus far.
Granted, some of them are just generic baddies (i.e. Mayor Kline, Grigori, Frazier, the bullies, etc.), but it’s all in good fun. It makes sense that, given the ‘80s setting, some of the villains are just gonna be cheesy and over-the-top evil.