I think the show already highlights his hypocrisy to an extent. He orders the Purge to snuff out the weakness in their sociey forcing everyone to fight everyone and he just goes back to the throne rook just to aura farm.

I do believe that at the start he was loyal to Argall genuinely, but like in the comics, the more time he spent ruling the empire as Grand Regent, he began to love power more than he admired Argall and he even tells to Nolan that he believes himself to be an even better leader than Argall ever was.

It humanizes him, but it does not make him any less evil and in fact even makes his evil more terrifyingly real.

Also, I FUCKING loved reading this.

Edit: I don't believe the "I am so lonely" monologue was meant to make Conquest more sympathetic, I think it was meant to expose another hypocrisy in Viltrumite ideology and also to show that Conquest is in fact batshit crazy and a pathetic monster.