The premise is interesting, the execution leaves me...wishing it weren't quite so play/theater-like. Scene after scene where characters are sitting, standing, or slowly walking around while pompously pontificating endlessly about various things in a very untrue-to-life fashion seems to always be a bit of a difficult sell for me, no matter who or what it's about, or what it all eventually culminates in. It's just not really my preferred manner of storytelling, no matter how many times I've experienced it. It may be because I never really get a strong and independent impression of the characters, who they are, or what they're trying to accomplish, as they end up feeling like lifeless extensions of the film with no real setup, personality, or agency of their own - instead of the film being an extension of the characters, which is always my preference. I think The Banshees of Inisherin is a good example for comparison, as that's a film with some vague similarities in style and comedy to El Conde, but the moment I think of that film, I'm instantly recalling the three main characters, things they said and did, what they wanted and needed from one another, each one's specific and personal eccentricities, and how they all connected to the themes of the film, whereas...with El Conde, I don't know, it's all very much a muddled mess with characters that I can't really pin down for the most part, and that makes connecting with the film in a broader sense very difficult for me. Boil it down to just not getting much out of the experience, I suppose.
Speaking of Utena, I always thought Utena was at its best when it was just being silly and letting characters organically interact as opposed to getting singlemindedly focused on bolting whatever it was trying to say straight to my forehead. I think El Conde would've benefited from being a little more silly, which you think would've come naturally with the premise, but somehow it didn't manage to get there for me.