As with most things, it depends. I'm fine with Sweet Caroline and I like player walk up music. Let's bring back the bullpen cart while we're at it (and Edwin Diaz's entrance is awesome). Big picture, I think giving players the chance to express themselves is great, doing something fun/engaging with the fans between innings is a plus, but the added "entertainment" during play undermines the ballpark experience for me. And, as a general rule, pre-packaged sounds and effects suck. (And, I'll add, this is a personal taste thing- you may love the "EVERYBODY CLAP YOUR HANDS" loop.)
For example, I really like the Mariners home field and watched a ton of games there but the constant noise and flashing graphics sometimes overwhelmed the game itself. Plus, the canned "enthusiasm" often felt out of sync with the actual game, as a 340 foot flyball that just cleared the fence to cut the lead to 8 runs during a day game in April was made to look pathetic with the echoing preprogrammed noise that came with a push of a button.
I don't think baseball needs to have stimuli every 5 seconds. Not every home run needs fireworks and being told to clap our hands does not make a 2 strike count more exciting. Fenway Park is a special place that is made less so by making it sound and look like every other ballpark. So, while flashing lights seem like a minor thing, it is the slippery slope that concerns me.