Sort of, lol.
I wouldn't defend it as a well-made piece of art, but I feel like it actually kind of succeeded as just a fun, dumb adventure. I legitimately enjoyed watching about 80% of it.
I liked the first third a lot. The junkyard stuff was great. I liked the stuff with Cade and the Autobots finding surviving Transformers and hiding them, I sort of wish the whole movie had been more of that, just them on the run from the Decepticons or something.
I also applaud the fact that they made a movie that wasn't Optimus-heavy. I'm a big Optimus fan, but he tends to dominate the story when he's around. Besides that, we've seen so much of him in this brand.
I didn't care for the knight stuff that much, I feel like it kind of dragged down the movie. The flashbacks were cool, but all the stuff in Hopkins' castle and the submarine went on a bit too long. I kind of wish they had cut some of that and made it more concise. This kind of story works better when it's an in-the-moment adventure and not a bunch of backstory.
The Last Knight isn't a "good" film, but I like it in the same way that I like something like Cars 2 or The Phantom Menace. It moves along and stays decently entertaining. I might skip over some of the stuff in England on a rewatch, but the rest is enough to make me want to rewatch it at all.
Before I just wanted a reboot of this series, but after seeing this I kind of want to see more of this world. If it were done right, I think expanding this world could be more interesting than just rebooting it with another. It kind of provides an interesting foundation for future stories, which I think was kind of the idea.