Yeah, I think your read of Aemond is probably correct. That said, it's not the only reason I find his character nuanced. There is an old adage in fiction that we get invested when we watch characters
try and Aemond tries more than anyone! He's basically got a heroic origin story (risking his life to tame a dragon) and he's always working hard to prove himself and lashing out against his status as a neglected second son. He'd be the most likeable character in the series if he had
morals. There is a sense that if he matured and learned to repress his sadistic impulses he could potentially become a not-shit person but because of the position of privilege he is born into he'll probably never attain that maturity... and probably fuck more shit up before this show is over.
I fucking love all the scenes where he's quietly smirking and you're just waiting for him to do something horrible. I don't think I've ever seen an actor project so much volatility by silently holding a fixed expression. Probably my favorite character in the show, can't wait to see what they do with him.