I think I'll stick to Singin' in the Rain, The Player, Cinema Paradiso, 8 1/2, Get Shorty, Sunset Boulevard, Swimming with Sharks, The Artist, The Bad & the Beautiful, Bowfinger, Ed Wood, Sullivan's Travels, Day of the Locust, etc, etc when it comes to films about films and filmmaking.
In short, here's another of our (good natured) disagreements. ;) I didn't much care for Babylon. My thoughts in full here, if you're interested.
https://medium.com/simon-dillon-cinema/film-review-babylon-49329e069fd