It does sound like that, but...the Ring is, to me, quite the opposite of what is portrayed by Wagner's detractors. Even considering the ubermensch, Wotan is brought down by his own hubris and, ultimately for trading Freia for Valhalla.
Wotan was brought down by making shady deals with shady characters and not expecting to keep his end of the bargain.
Frankly some people hate just because they heard Hitler loved it or that Wagner was an anti Semite
Of these critics have a jaundiced eye towards it way before the opening of the first act.
It's their lost.
BTW The NY Metropolitan Opera did a great performance of the Der Ring des Nibelungen and the stage it was performed on almost outshone the actors. It, along with great lightening kept shifting like giant keys on a piano. Words fail me but one has to see it to appreciate the genius of it's workings...
If you like Wagner you gotta get a copy of this version of it.