That seems a bit tautological to include the outcome in the definition. By that logic there are democracies today that will sometime in the future become “masquerading” that we can’t know yet.
But just looking at number of times a democratically elected senate has been dissolved throughout history (Rome, Japan (rise of imperial japan), Germany (third reich), Iran (iranian revolution), etc), there has indeed been a lot of "masquerading as a democracy" going on.
Separation of powers makes it harder to raise a dictator but in some cases it's just another piece of legislation away. Hence, I think Americans ought not to take our democracy for granted.