Maybe, but there’s a market out there for CEOs who are willing to take the blame for some unpopular decisions and then walk away. There’s also something to be said that “-50%” might actually be an improvement over where it was before she was hired, and the bad decisions weren’t hers.
Much of what she was brought on to do (negotiating with advertisers I guess) isn’t really public facing, so from that respect it’s not that surprising that she appears to be doing nothing. I also think she’s not taking the L yet, if things get even worse Musk may blame her as an excuse to walk things back (“I was following her advice” or whatever).