It's not consistent with someone scribbling at random. (See the Codex Seraphinianus for an example of what that looks like.) But some researchers have demonstrated formulaic ways of generating nonsense text with the same kind of characteristics, using methods that were known in the 16th century.

Adding support to that hypothesis is that there is no evidence of any corrections anywhere in the book. If it were real text, you would expect mistakes and corrections. If it were meant to be nonsense, there would also be mistakes, but there would be no particular need to correct them.