That's fair. I think it's a difficult situation where the chairman and his boss are almost entirely responsible for the state of the club, so just chanting support for the manager and the players is letting them get away with it.
Yes it does create a less positive atmosphere when people chant Levy Out. But on the other hand, it also accurately calls out who is really responsible for the club's current state, while taking blame *off* the manager and the players. So is it ideal? No. Is it the best outcome for the health of the club? I'd say so.
I don't think many people think chanting alone will bring down the ENIC regime. But it's a good start - gets the fans' unhappiness in the papers, leads to the media turning, which creates pressure on the club. Sure ENIC can ignore it, but it isn't a pleasant experience for them, and that's important in the longer term. Nothing happens in a day, and healing the club after 25 grinding years under ENIC will take time.