Yes, it is doing it quite well. But, the stories never feel like they matter. It's just a launching platform for the next big thing.
And, it's not just a matter of understanding but also engagement with the characters. By Civil War I really couldn't care less about Tony Stark. All of it becomes too long to appreciate the inteconnectiveness that obviously takes a lot of work.
It's manageable which is something that bothers me-I shouldn't have to manage to understand film.
To each their own i guess.. i enjoy this interconnectivity and the payoffs that sometimes happen several movies later. It is great to see the character growth and change - take Tony Stark from Iron Man 1 and the first Avengers movie and compare him to Endgame. His basic character traits are still there but he's developed so much more.
Or that funny " On your left!" from Captain America: Winter Soldier that is used again in Endgame in what was, for me, the biggest Hell Yeah! moment of the movie ( even bigger than Cap being able to wield Mjolnir or Avengers Assemble).