No. It wouldn’t. When that kind of power (arbiter of truth) is placed in a single point, that point will become the highly contested point of control. Eventually, inevitably, the body would end up turned to some ruthless power of the day, and would serve as the most phenomenal propaganda machine.

“The Ministry of Truth is pleased to announce that bootlace production is up a thousandfold this quarter, due to the heroic efforts of the King. You may now cheer.”

Total decentralisation is the only sane route - you build a bulwark out of billions of human minds, and you build inertia into your system such that emotional volatility led by events or propaganda efforts is smoothed out.

This is basically the concept of democracy and electoral cycles - group consensus on what reality is and how it should be responded to, with a temporal buffer (the election cycle length) to smooth out rash decisions.

Our systems need amendment to better smooth our inherent volatility, which has been provoked by our exponentially growing sphere of information - but this can’t come at the cost of handing control over something as fundamental as the idea of truth to some technocratic committee. That’s how you end up with gulags.

Edit/addendum:

Further musing on temporal smoothing of volatile and labile humanity led me to recall the idea of Concents in Anathem - groups are sequestered away for a year, a decade, a century, or a millennium, and are allowed only at those intervals to interact with the outside world. This monkish dedication to record preservation minimises informatic drift within the group, and provides a continual negative feedback factor to the unstable curve of truth, thus preventing the rewrite of the past, and therefore the present and future.