I think Anora works as a character study and that Mikey kills it, which is something that is maybe lost amidst all of the shouting and the slapstick. But the movie is a solid emotional chart: Anora starts off simply donning the luscious sex worker persona against a relatively bleak, quiet life, so that's already the actress playing to the duality of the character, and then she goes from that sort of resignation to daring to fantasize about a better life and in some way maturing based on her imagination, then goes into panic mode when that future is threatened and she's sort of checking out into anger/denial mode, eventually redirects her anger from a nebulous "they" to Vanya, snaps at what little sympathy she gets from the other dude, and finally breaks down in defeat and acceptance.
This is the kind of emotional journey that you rarely see in a movie. Like I compared her to Poor Things because of the sex worker angle but that movie too is essentually about a person "taking shape". Most genre movies merely have characters learn a lesson, while "character studies" tend to be more like puzzle boxes for the viewer. But to tether your whole movie to someone whose dreams and worldview are roused and shattered within a single story, with such stark ending/starting points, I think is something special. And Mikey performed it beautifully. I also thought the movie was generally very funny and the Armenian dudes killed it.
So ultimately while the whole plot can be boiled down to kind of a non-event, I think the journey for the character was massive, and the movie benefits from that lived-in feeling that Baker's movies tend to have, where everything can feel cozy and familiar but also sleazy and ugly without feeling like he's exaggerating any of it to make a point.
I do think Best Editing is a bit of a stretch and it probably went to Baker based on the notion that it somehow "saved" the movie, whereas I think Conclave made much more creative, stylistic use of editing.