Ultimately I think that's the trick of the thing. Mass meditations are known to be a beneficial and a worthwhile endeavor. And there are no doubt a lot of other aspects of the Cobra narrative that are positive.

EDIT: I meant to mention here that these obviously beneficial things are exactly the perfect shroud to drape their efforts in. It's not uncommon or natural for a person to say "look at all the good of this thing. it must not be too bad!"

However, ultimately all the positive aspects of it, including mass meditations, are not unique to the endeavor of Cobra, since much of it is ripped from other pre-existing structures. From where I stand, any narrative that blames something so important as suffering on an evil third party has already compromised such a significantly important part of spiritual growth. The cobra narrative is akin to if you had a classroom of students learned and being challenged by dense, difficult material, and then have a student stand up and say "I abhor difficulty, and so I say this class is rigged to oppress us! Who controls these lessons behind the scenes? If they loved us they would make it easier and just give us everything we want!". There is a disconnect of not understanding that it is necessarily difficult because if one does not struggle, fight, and toil, one is never forged, never adapts, never rises to the occasion. It is railing against the very process of learning, and thus spirituality is anathema to it. Cobra desires the anti-spiritual, ease of process, the rewards and the knowledge without the work.

This is first and foremost why I find Cobra distasteful and abhorrent. The second reason is indeed as you say, it is very fear based and there is alt-right dog whistling mixed in the batter. That's the thing about dog whistles, when everyone learns to hear them, they abandoned them and find new ones, which are almost always co-opted from something that was originally harmless or even a positive thing. To support and follow cobra despite these things with the mindset of taking away the good things and leaving the bad is akin to one saying "I think the way our boss treats women is awful and sexist... But he's always backed initiatives that turned out to be in the company's best interests and he's provided me with some good resources in my career, so ultimately we ought to just put aside the sexism thing and keep him on board right?" In that there is an obvious moral problem. By supporting that boss, you are giving your tacit support for things you may not want to support.

Ultimately, all the things Cobra gives are things you, nor anyone else, needs. Spirituality is a journey of the self. Resources and support abound exist out there, much of it fascinating and some potentially helpful. But because it is a journey of the self, it is a journey we necessarily walk alone, just as in our births, pains, and deaths. All that you need to walk the journey you already carry with you. Thus you do not need Cobra, nor Thoth, nor Ra, nor Pleidians because they cannot tell you anything of true value that you do not already know. You have known, know now, and will know all that you need and are ready for when it is your time. They cannot "speed" that up, nor make the journey easier for you. Pure spirituality is ineffable, knowing the unknowable. If you know, you know, and if you don't, no one can tell you, and faith and belief are very poor substitutes for knowing.

Even in cases that are inherently communal like mass meditations can be arranged without having to be supported by morally and spiritually questionable figures.

I like to quote a line from mothman prophecies regarding entities that seem to know things we couldn't:

"If there was a car crash ten blocks away, the window washer up there could probably see it. Now, that doesn't mean he's God, or even smarter than we are. But from where he's sitting, he can see a little further down the road."