Oh no it's absolutely true, these things actually do happen. The Elite really is utterly sick, and what the old man says in the end is absolutely accurate, once you have billions upon billions or even trillions, nothing is unreachable to you. So nothing, ABSOLUTELY NOTHING, gives you the thrill anymore.
I actually have met (completely accidentally) 3 men from circles like these. They never told me straight forward such things are happening, but they sure as hell hinted it on multiple occasions. And I met them because I had awesome s** with them lol.
But yeah, Squid Game overall is filled with symbolism the elite quite enjoys (checkerboards, animal masks on the rich people who come in the end, triangles, etc.). People have often mixed these symbols with satanism and the illuminati back in the day, however, these symbols represent the rich elite very much. Nothing related to Satan or religion, but very much related to the spiritual realm and "enlightenment" but the way they see it. I completely understand why it scared you, these things have been happening for centuries and are still happening today.
Squid Game, to me, seems like an attempt to make the overall population less empathetic and resistant to feeling disgust when faced with these atrocious occurances.
It's still a great TV show nevertheless. I enjoyed watching it, and the actors have done a remarkable job