It's funny because at the beginning of that show Dan does think Alex is just some kind of a grandstanding/ridiculous pill, gold and water filter huckster. He was listening and watching ironically, largely for cheap laughs, and as kind of a game to peel back the layers of the "turn the frogs gay" onion.
It took a decent amount of time for them to get a handle on how awful he truly was, but more importantly, the intent. When you look at it through the lens of the current episodes you can see that the beliefs were always there but that there was way more effort to maintain the mask and disguise the true sources. Pretty much like you said.
Part of what makes the show interesting, in hindsight, is how long he was given the benefit of the doubt. And I say that as more of a testament to who Dan and Jordan are and the difference of the times from then and now. His fascination morphs into disgust and the novelty becomes more of an accidental chronicle of right white radicalization. I wonder who Alex will say was really behind this.