Exactly
It was bitter and slanderous of the, (to the best of my knowlege), fictional Cory.
The intent of the verse was to illustrate "all that glitters is not gold". Simon chose to artfully turn it into a condemnation of graceful living by alluding to a decadent lifestyle.
Simon is immensely talented and I don't have a problem with his adaptation any more that I object to remakes of classic films.
If there is any evidence that Cory was based on a real person of dubious character, I might even be a bit embarrassed by my smug opinion that Simon subverted the poet's message.