Thinking about the "data-driven" narrative versus real-time market impact

I've been observing the narrative around economic indicators, particularly how much weight is often placed on CPI or NFP numbers pre-release, and frankly, I'm starting to lean towards the idea that their immediate market impact is often overstated in favor of the overall trend or existing sentiment. Take today with $WOLF, which saw a significant -10.23% drop to 40, trading within a range of 39.0401-46.8627. While it's easy to attribute such moves to some underlying economic data point, the reality on the ground often feels more nuanced. Is it truly the latest GDP revision that's moving markets moment-to-moment, or is it more about how that data point confirms or clashes with the prevailing mood, which is arguably already priced in by sophisticated players? I find myself increasingly prioritizing understanding the market's reaction to data rather than trying to predict the data's inherent impact. Am I alone in thinking the 'data release event' often gets more hype than it deserves relative to the broader price action? Push back if you see it differently.