Not exactly but sort of. Think of the effect the caricatures have. Caricatures that are punching up (making fun of rich people, tech geeks, etc) affect people in a way different way than caricatures that are punching down (making fun of the poor, and racial and sexual minorities, etc).
It's similar to the difference between being called the n-word vs cracker.
It's similar to the difference between being called the n-word vs cracker.