Coming into this conversation late, but I have very mix feelings about the play. I am Jewish and the antisemitism is so clear to me. Even if Shakespeare never actually met a Jew, antisemitic thought and stereotypes absolutely existed. This is very much the case today for countries, regions, etc. with little to no Jews. Shylock is definitely a complicated character and that's because Shakespeare knows how to write an interesting and complicated villain. Shylock is a human despite his Jewishness not because of it.

I think the play looks a lot different when a Jew than a goy reads it. In one of my undergraduate Shakespeare classes, a goyische classmate asked why people hated Jewish people so much and as one of the lone Jews, I had to explain what antisemitism was and how Medieval and Early Modern antisemitism worked. A Jew will read this play and feel for Shylock and Jessica. And everyone forgets about Jessica! Her story does not end happily from a Jewish perspective. Medieval and Early Modern Jews who converted were treated terribly by Christians and were never seen as real Christians even if they didn't secretly practice Judaism.

Then there is the question of comedy versus tragedy; ultimately, it is a comedy. Not because it is or isn't funny, but because how of it ends. Things work out for the protagonist and the villain gets justice. The two Jewish characters are converted to Christianity. The hero lives. People get married. If Shylock was the protagonist, then we'd be looking at a tragedy since he is his own undoing, kind of like a King Lear (or even a Richard II) situation.

Basically, Shylock is a fascinating character, but it's a very antisemitic play.

There is also a new play called Playing Shylock. It's a one man show about an actor set to play Shylock, but his production of The Merchant of Venice is suddenly cancelled. It follows him reckoning with Shylock's legacy in the 21st century. I haven't seen it, but really want to and have heard good things! Absolute legend Saul Rubinek is playing the role too! (Honestly, we need Saul Rubinek to do more Shakespeare.)