Heck, I'll take the Terminator 1 stop motion effects over any scene in the forst half of the last Dr. Strange "movie" (I couldn't bring myself to watch more than that, even Meg is more fun to watch...) any day of the week. Because T1 is still scary and conveys emotion (despair mostly for being chased by an unstoppable killet machine), while those Marvel effects are, well, boring by now. They have no wow effect (we see them in almost every single modern day movie), the convey no emotion (difficult to properly act, I think, when you are in front of a green screen and everything just plays out in your imagination) not do those effects actually drive the "story" forward.
As compared to, e.g., the Expense, a ton of sci-fi short films (Dust in a great channel for that on Youtube) or the Mandalorian. I think the over use of CGI is just an easy excuse for bad story telling, and people swallow it.
I think this is the crux of it, moreso than the CGI Orgy (great term btw). You can have movies with visibly apparent CGI, or even straight up animated movies, but the action is great and still drives the plot and pulls on your heart strings. I know every beat of The Matrix by heart, but there's still a ton of suspense in every action shot, because each encounter adds some new angle to the power scaling. At the start, squad of mooks > 1 freedom fighter > several mooks, but even 1 agent is better than several FFs. Then that balance shifts.
Contrast that with the Smiths fight in the later films, and it's totally Conservation of Ninjutsu at play. Adding more baddies just divides the power of a single baddie, because we already know the outcome, so we know 1 Neo = N Smiths.
Watched Aquaman recently, same thing. Completely unprincipled power scaling. No reference frame, and it just scales up and up until it's CGI Army 1 vs CGI Army 2. That spectacle might work if I had more reference for the power levels, plus emotional investment, but I don't.
I wanna see a larger counter-reaction to all the gloss, and have movies get a lil rougher around the edges, while having the stories & characters be way more refined. Draw attention to the medium's limits, rather than try to make it real, and then it becomes hyperreal/ uncanny.
But I'm guessing the industry will wanna go full immersion (like VR) rather than take a few steps back. Maybe there's room for both, if studios were willing to be more experimental (doubt it!).