There’s a certain amount of truth to it, but I think what everyone needs to keep in mind is context. To someone who doesn’t listen to jazz, all jazz sounds the same. To someone who doesn’t listen to classical, all classical sounds the same. To someone who doesn’t listen to a lot of technically proficient musicians with a lot of ego who like to show off, all guitar wankery sounds the same.
And it’s not black and white neither. I definitely listen to a lot of guitar wankery, and there’s definitely some I like more and some I like less. I think Malmsteem is a horrible offender (hear his recent cover of George Harrison), and I think Satch and Al Di Meola are often grouped unfairly with the others, when both of them are wonderfully musical.