Well yeah, that is true... Kinda why I align with the Tokugawaist or Dreemurrist philosophy more than others. Because if you can't have a democracy that can't function against corporate influence, entrenched power, hollow populist appeals, etc., might as well have a monarch as a counter balance to corporate influence. I will say however, Democracy on the town/city level can work just fine, but when expanded to the state level, it is hard to ensure that everyone will know the best interests of the state or to act without being too easily swayed by propaganda.
I think the closest thing to a democracy might've been Ancient Rome or Greece, but that is mainly because it was a different time wherein propaganda wasn't as prevalent, and there were still mechanisms in place to prevent manipulation/subversion from foreign powers.