No. It’s a tool. A sort of cudgel used to beat others with, in order to secure political power.

It’s more a rhetorical device.

It invokes a Manichean world of the Good People vs. the Eeeeeeeeeeeevil Elites.

But it’s effectively content-free. The People and The Elites are just convenient containers for the speaker to pour the things they support and oppose into, and who gets to be ‘the people’ depends on who they’re trying to attract.