Hi Benjamin- great question. Herman and Chomsky’s analysis is fantastically specific, and that specificity is a limitation. Despite the moniker of “the propaganda model,” Herman and Chomsky were putting forward a (-n incisive) critique of the US media in a particular moment. It’s not a particularly useful model for systematic critique of other contexts, as John Corner pointed out in 2003 (see his “The Model in Question” in the European Journal of Communication 18:3, pp. 367–375).
What’s more, media institutions, practices, and economic pressures have changed profoundly since Manufacturing Consent was published in 1988; the economic and practical pressures of gaining and defending broadcast market share are quite different from the economic and practical pressures imposed by a social media context of clicks, likes and shares. With that being the case, I see Herman and Chomsky more as methodological role models than analytic model-makers.