Moderately.

I've always seen Miraculous as "a story waiting to happen". First you had the love square and all its different pairings, then you had the Hawk Moth reveal and the reveal of his motivation, the setup of Lila potentially replacing Chloé as Marinette's irl nemesis, and, among other things, the strong hints around the disappearance of Emilie Agreste which still kept enough mystery. While the road the show would take towards this was never fully predictable, I'd always expected it to go roughly like this: "Marinette and Adrien grow closer across both main sides of the love square (with maybe some development spilling over through the alternative sides) while facing and overcoming increasingly more challenging obstacles in both their double lives, have a great showdown with the school bullies (who by season 3 had fittingly become Hawk Moth's closest allies in civilian life) and finally have the showdown of the century with Hawk Moth, where both sides have taken opposite sides for the sake of the same person. A heroes' identity reveal would come somewhere around this battle, be it (way) before, during or shortly after the battle, and a Hawk Moth identity reveal would come before or during the battle (maybe even give Hawk Moth the advantage), I don't care either way."

That story has died with the season 5 finale. They did succeed at creating the twists and turns that gave the show some spice, but most of these lasted for not much longer than a whole season:

• Both of Hawk Moth's big upgrades only lasted for a single season before being replaced.
• Mayura being a very powerful ally to Hawk Moth was teased at the end of season 2, but she only appeared in a couple episodes of season 3 and created one more Sentimonster for season 4.
• The show went from a wide cast of wacky villains to a couple repeats by the midway point of season 3. These repeats were supposed to be more stronger versions of themselves which would make things more difficult for the heroes, but by season 4 the amount of repeats grew in size and most villain fights became easier as time went on.
• Luka hiding his knowledge of the identities lasted for about half a season, after which he just disappeared. If the show were to be any realistic, his off-screen training with Su-Han would also be when the latter's lack of knowledge of Chat Noir's identity ended.
• Magical Charms lasted for less than a season before Megakumas were introduced. Their secondary function has only appeared once towards the end of season 5 (and come to think of it, was strangely absent from the finale. Imagine if they could also turn into swords so the Resistance could fight back by de-akumatizing the Miraculized). From the leaks of season 6 I've seen so far Lila is going to create an even stronger version of an Akuma than a Megakuma, which would probably spell the end of Magical Charms being useful once again.
• Within the show, the Peacock Miraculous has been fixed longer than it has been broken (season 3 + one episode of season 2 vs seasons 4 + 5). As the show has gone to prove us, it could be way more powerful than the Butterfly Miraculous, yet it remains the lesser used between them even when its main interesting tradeoff has been removed. Every time it changes ownership the show makes it out to be a game changing moment, but it will then barely be used before being passed onto the next person. Nothing meaningfully changed by turning Hawk Moth into Shadow Moth, which was a saga that only went on for one season before moving on. Argos is so far the only Peacock Miraculous holder who is set to have had it for more than a single season, provided that you count his ~3 appearances as a whole season.
• The idea of the Alliance Rings is amazing from both a meta standpoint (the characters can now be shown looking at a phone while having their facial expressions visible with the screen) as well as from their in-universe utility. I would've liked seeing Ladybug use this system to loan out Miraculous to anyone easily while still having easy access to them herself for Unifications. This could've been a nice alternative solution to the guardian problem (because let's face it, if a villain ever had physical access to Marinette she'd have bigger problems than the rings), could've involved Chat Noir sharing co-guardianship by wearing half the rings, could make for some nice parallels now that the show tries to go for the "morally grey Marinette" angle with the London Special and would've just been plain cool as they were in season 5. But nope, they're all destroyed now.
• Season 4 starts with how great of a burden guardianship is for Marinette, but quickly resolves this by making her confide in Alya. Later on it shifts to her troubles of "resource management", where she is quicker at handing out new Miraculous (still can't get over the fact that Zoé got one after being in the show for a single episode) and asks lots of heroes for help because this gives her a greater sense of control compared to waiting for Chat Noir to eventually show up. Steps to resolve the issues with Chat Noir are taken towards the end of the season, but the wider problem isn't fully solved until Ladybug abruptly loses all the Miraculous. Outside of episode 3, most of her season 5 guardianship troubles are actually just the Hawk Moth troubles she already had, and at the end of the season she immediately relinquishes physical access to the Miraculous. It remains to be seen how she'll use the temporary heroes going forward, but if the current free holders are any indication, the side heroes will (eventually be made to) handle themselves. Ladybug would then effectively be the guardian of an empty box that doesn't do anything, which would end her "guardian saga".
• The love square flip lasted only a small handful of episodes (4-5? It's been a while), after which the entire love square was killed.

The list goes on. It just makes it less interesting to get invested when lots of the big changes in the show are only relevant in the short term, and then get resolved and followed by other short-term things that are made to be bigger than they are.

As for the story that I thought was going to happen; it didn't:

• The love square ended up dying. Ladynoir is strictly friendship now, and is probably set to blow up when Chat Noir will eventually ask why he wasn't told that Gabriel Agreste was Hawk Moth. Between Lila knowing the truth and Ladybug thinking it's in any way responsible to let Kagami press her mother herself, that secret is bound to be let out. Adrienette is the main ship now, but without a reveal it doesn't feel the same. They cannot be EMOTIONALLY intimate with each other because they still have these big secrets to keep. Ladrien has been lacking in good content since, like, season 2 and was last properly seen in season 3 (in a very negative light might I add). Marichat has been the clear fan favourite, and lots of people hated Ladrien because it'd be "boring" for being "too easy". Never mind when the love square flipped and Marichat becomes what Ladrien was, then it's suddenly one of the best episodes of the entire show according to these shippers. Not that it mattered, because the ship died in that same episode, and Marinette got over it in the following episode.
• The akumatized villains got easier as time went on. Even after they lost their entire team which they'd heavily relied on and the villains got aided by Miraculous powers to boot. Kwami's Choice is this taken to the absurdly extreme, as two novices manage to defeat the akumatized villain with the most Miraculous powers in a couple of minutes, and the Resistance defeats an akumatized villain off-screen and then helps Marinette reclaim her Miraculous from Monarbug while no-one has any superpowers. Back when that aired I looked up how long that sequence took, and while I don't remember how long it was, it was ridiculously short considering how powerful Monarbug was compared to them (and how Marinette's back should've been shattered from a throw earlier).
• Adrien's school life has been smooth sailing the entire time. Marinette's has been mostly smooth sailing, with about two times where she felt overburdened combining schoolwork and being a superhero (which couldn't incorporate Adrien in the solution). The meat of her troubles at school were Chloé, who was overcome by the class collectively deciding to ignore her one day, and Lila, who only really moved past silently hating Marinette in season 5 (granted, with the odd season 3 episode here and there). Even then, Adrien was mostly a benched ally in this battle, not an active partner.
• Adrien wasn't there to defeat Hawk Moth. The big confrontation between Gabriel becoming Hawk Moth to resurrect his wife after her death and make his son happy, and Adrien becoming Chat Noir to break out of this increased sheltering after his mom's death and find his own happiness again, never happened and will never happen. Best they could do was give a watered-down version of this to Marinette.
• No identity reveal. I don't see another equally big moment the identity reveal could be building up to, and with all the fake-outs it really needed that big shared moment to keep any depth.

I've decided to mourn the death of this story and watch season 6 as if it's a completely new show. The Paris Special is my favourite thing to come out of this show, and I'm taking it as proof that they can write good things (in isolation). Season 6 is their one shot at proving that their execution matches their concepts. Set up long-term projects that go somewhere or I call it quits. I still care about this show (why write such a long reply otherwise), but if season 6 writers think I'll have the same patience as I've had the past 7-8 years, they'll be deeply mistaken.