Ehh... a proper political analyst would probably add some nuance to that, but that's a kind of how it feels (the austerity measures were like pills forced down our throats that only made us sicker). Keep in mind there are other factors in play like:
billionaires buying out more and more newspapers/TV channels and giving far right way more coverage than any other party
beyond wealth gap increase, inflation being on the rise + the disastruous state of the housing market made people poorer and poorer
the soc-dems have messed up their presidency back in 2012 and the traditional right wing having imploded after a big scandal and Macron's surge
Russia apparently paying huge desinformation campaigns here