It spends the first 30-45 minutes in some reminiscing about the first Matrix, and on a long self-referencing sequence about the Matrix video game. If someone told me it was written as fan fiction I would believe it.
There is a lot of "wouldn't it be cool if" moments with side switching, characters opposite of norm, etc. that doesn't seem to get carried by the film so it does not feel supported.
At some point a character even shouts, "Sequel franchise payoff!" in what is supposed to be the ramblings of a madman.
I saw it on HBO Max and was happy I did not pay directly to see it.
As reference I did not enjoy the second or third movies in the trilogy of older films, just so you view my review from that lens. More die hard fans may enjoy it more than I did.