There's a two way feedback at hand. Disinformation does affect people greatly but those it affects were already receptive to its message and looking for more. The neo-liberal, "humanist", The Economist-style view assumes it's just temporary/fixable insanity and that they would come back to the "rational" view of the world if they were better educated.
In reality, the people who follow populist movements are both firmly in the grasp of illusory ideas and hold a very lucid understanding of their place in the world. They are riled up by fiery rhetoric but they are also well aware, whether consciously or not, that they have little to gain from a return to the neo-liberal order in which they have no useful economic role, no community (whether real or imaginary) to come back to, no access to the wonders of a globalization, and no real cause or culture to believe in other than competing against their neighbors for a slightly better place in the rat race.
In San Francisco you can see the end logic of this trajectory. An elite with highly paid and satisfying jobs served by a pauperized underclass of Uber drivers and mini-job holders who only have a crumbling public infrastructure to support them and no prospect of being a socially engaged citizenry.