First of all, you don't know why they're applauding. You're stating an opinion.
They could be happy that he's free (having grown so much themselves in recent days, watching him discover the truth). They could be happy they won money betting with the bartender. And they could be psyched about a "plot twist" like you said - although that seems very stupid and short-sighted, considering there is now no more plot. The show is over, and so I don't see how they could be excited about that plot development unless they didn't like the show. So I'm not sure your theory holds much water, except for those viewers invested enough to care so deeply about a plot twist, but stupid enough to not understand that the show is over.
I know at least some people were happy for him. There's Sylvia, and the security guard that yells out, "He made it. Yeah! Alright Truman!" That leads me to believe that there are many more out there like Sylvia (as do her Free Truman posters or bumper stickers and whatever else). My opinion is that most of those cheering are happy that Truman won his freedom.
Second of all, I saw a range of emotions. Most people were happy, but there were a few crying faces and one very furious man in a tub. You mentioned the old ladies. Not sure if I'm remembering right, but I thought one of them looked happy and one was sobbing (out of joy for her "friend" or sorrow for the loss of her friend, we don't know).
Third of all, even for those that are doing exactly what you say they're doing, I don't see how that affects the movie negatively. The point there would be that the viewing audience is shallow. Uh, gee, you mean the same audience that's watched a real human live in a fake world and be toyed with endlessly solely for their amusement and some business's bottom line? No duh they're shallow. We already knew that. That was kind of a major point of the movie.
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