Is The Player (1992) a good film?

It is a masterpiece and one of the greatest films of all time. 10/10

No, and nowhere near. It's a flabby piece of navel-gazing.

And a nearly incomprehensible one to boot. It faces a problem that every film about Hollywood must face - but to a far greater degree.

Consider Sunset Boulevard (for instance). We must assume that in the world of this fiction, Cecil B. DeMille (who appears as himself) exists; but William Holden does not exist; otherwise everyone would be stopping the main character in the street and saying, "Hey! You look like William Holden."

In Sunset Boulevard this is all fairly easy to keep track of: DeMille is really the only cameo and he is effectively quarantined from the rest of the narrative. Not so The Player, in which it is impossible, and I mean biologically impossible, to keep track of which of the various stars we see are stars in the world of the fiction and which are not; and what's more, it's almost always relevant to the plot; and anyway, whether or not it's relevant to the plot in any given case is itself impossible to keep track of.

Anyone who tells you they watched The Player and understood it is either lying or deluded.