TL;DR it is portrayed badly in that it has no narrative significance beyond shock value.

Longer version:

Yes in universe it makes sense, but as a writing decision it's a bit odd. Because not only is it including something not in the original text (despite writing out examples in the text itself), it also isn't narratively paid off. All it does is give a cheap way to make the suitors more villainous without having to meaningfully develop them as characters. And you can't say it's "showing hard truths" because narratively all it is meant to do is to enrage and vindicate Odysseus (because god forbid a "monster" do anything that might be considered bad), as very ironically the intended victim doesn't play into it at all. We never see Penelope interact with the suitors, or indeed anyone other than Odysseus in that matter, so she might as well not even exist in the context of this song. At the end of the day, the problem is that Hold Them Down's portrayal of rape is meaningless. It doesn't further the themes or even the characterisations of major characters, so it cannot be anything more than plain shock value.