Yes, this is my analysis too. People need to accept that a large swathe of the fanbase is effectively "Switzerland" when it comes to Benitez. They simply want a successful side. These neutrals are pretty silent and non-committal about him either way. These people will break one way or the other when it becomes clear what direction this train is traveling. If Benitez is not backed in the summer in any meaningful way, moderate reasonable people will begin to lower their expectations, such as they already are. You don't have to like a manager to know that he is being blackguarded. It kept David Moyes in a job for a decade.
That said, I still think he'll be backed. If he is, that will be the most perilous time for him. Given Marcel Brands's record, I could see Benitez trying to force Brands out of any key decisions for fear of any more Iwobi-type signings. There's big scope for major friction this summer.
On the other hand he has the capacity to waste some very big transfer fees to, Ryan Babel and Aquilani spring to mind.
Almiron at Newcastle jumps out at me to.