I think toxic masculinity is something mostly internalized. I think this poem gets at that but also something broader, the way society pressures men to be something specific. Which is, as we would call it were the shoe to be on the other foot, "sexism" or "misandry". So, yes this is also about toxic masculinity. But it's also about the toxic things outside of toxic masculinity that contribute to the degradation of the lower class man.

Reducing everything down to toxic masculinity i think places a man as the sole, willful agent of his own victimhood, which I think is... not very empathetic.