I think that we see two extremes.
Certainly the title of Co-Redemptrix COULD be misleading in suggesting potentially a parity between what Our Lady did and Our Lord's sacrifice. As is clear, only the GOD-man could effect the Redemption of mankind ... going back to St. Anselm's brilliant Cur Deus Homo?
But then you have the neo-con-Catholic apologists (starting with Vatican II) explaining away Our Lady's unique role and making her just a pre-eminent example of how we ALL can help in the work of Redemption. So to them she's just the best and most exalted example of our role in cooperating with Our Lord's redemption ... as per the teaching of St. Paul: "Who now rejoice in my sufferings for you, and fill up those things that are wanting of the sufferings of Christ, in my flesh, for his body, which is the church:" (Colossians I:24)
Our Lady is clearly IN BETWEEN. She has a unique role. While she is not at the same level as Our Lord in the Redemption, she clearly cannot be reduced to just a pre-eminent example of the share in Our Lord's work of Redemption that any of the faithful can have.
So what term would be fitting to describe that role? When we look at our term "co-pilot", it's clearly understood that the co-pilot is in a SUBORDINATE role to the pilot. Or the term "co-operator" suggests the existence of a primary operator. So if the "co-" in Co-Redemptrix is clearly understood in that sense, then I see no issue with it. While the TERM was perhaps coined in the 16th century, the concept of Our Lady's UNIQUE role in Redemption as Theotokos has ALWAYS been there. So I think it's just a semantic battle as to what is the right terminology.
Precisely because the Novus Ordo has reduced her role and blended it in with that of the rest of the faithful, in order to appease the Protestants, I think that a Magisterial treatment (whether dogmatic or not) would certainly be in order to undo that particular error since it has affected the thinking of many NO Catholics. Whether the term Co-Redemptrix is apt or suitable is partly a question of prudence and partly of semantics.
I think that all of those on either side of the issue agree on the CONCEPTS here, that Our Lady participated in a unique way in Our Lord's work of Redemption, but that she was not on a par with the Redemption and that only the God-man could accomplish the work. We Traditional Catholics avoid the NO reductionist error and also the error of overstating her role to be on a par with that of Our Lord.
Whenever the Church defines something, it's nearly always because some contrary error has crept in. Certainly there's no such error among Traditional Catholics, but the NO has introduced this reductionism that must be condemned. In terms of exaggerating Our Lady's role, if you take out the kook fringe groups, some of whom say that Our Lady is a member of the Holy Trinity or the Valtortan error of claiming that she was part of the hierarchy just below St. Peter, or some other fringe nutcase job, I don't see too much of the exaggeration taking place.