No, citing that familiarity breeds contempt offers no repudiation of objective quality, and the objective value of art isn't mutually exclusive to the subjective appreciation of it.
The Sopranos is a masterpiece. Oz was ultimately just another forgettable blip on the TV landscape. It's too bad, really, because it could have been so much more. But as the show progressed, every time they had an opportunity to take the higher road, developing richer characters, and offering a more substantial commentary on the American condition through the lens of our prison system, it instead chose to be a gruesomely violent revenge soap opera. It has a lot in common with the decline of The Walking Dead in its later seasons in that way.