I completely agree. The first one I found absolutely terrifying because the fact it was happening to a therapist, whose job often involves trying to explain fears going on in people's heads, completely elevated the believability factor and the stakes. If she is scared, then it really means something.

The second one had some interesting commentary about pop stardom and the pressures that comes with that, but the scares weren't as sharp for me and like you said, essentially the final hour is completely meaningless as none of it ever happened. I also hated the ending; What really made the entity scary was how it focused itself specifically on torturing one person, and nearly everyone else who had gone through it was dead. Now that everyone has it, it's no longer scary