It was less of a wet fart than I expected, but did nothing to justify large chunks of the season.
As people online have pointed out, all The Boys did in this episode was protect someone (that then went to prison*) then protect someone else (that one of them then killed). Arguably nothing would have changed if they stayed in bed that morning. More to the point, nothing mattered to the filler arcs of the season (Kimiko and Frenchie backstories, Starlight powers, etc.)
Hell, if you had added to episode 1:
a Butcher blackout with tumor wriggling
A sage intro
A firecracker intro with milk production
A-train looking disillusioned
... you could immediately jump to episode 8 and miss virtually nothing from the season.
I like that they are resetting to the Season 1 world (acting in the shadows when any supe can kill them instantly with no consequences) but if Amazon hadn't done the smart thing and announced Season 5 was the end, I think a lot of us would have contemplated dropping off and waiting to hear if it wrapped up well.
*That's not how impeachnent works. And as soon as be was sworn in, Singer wasn't going to jail. (Arguably once the electoral votes were certified, he wasn't.)