A Classic Horror Story is classic in the sense that it incorporates many classic American horror movie conventions into its Italian production, while also blending in some European folklore, ala Midsommar. I'm sure horror fans will recognize plenty of references, from Texas Chainsaw Massacre, to Blair Witch, to an explicit shout-out to Sam Raimi and the Evil Dead films. It's fun to spot the influences.
But the movie is not just a pastiche of classic horror movie tropes. It's also a meta commentary on the genre, and I'll say no more than that. It's that aspect of the movie that may turn off many, and I'm not sure its entirely successful (the final few minutes add absolutely nothing to the point the movie hopes to make, for instance), but in all I'd say it's not a wasted watch. It just may be a divisive one.
A Classic Horror Story is currently streaming on Netflix.