I think she was a fabulously annoying Skyler, but to a degree because she fit perfectly into that role as the strong wife of a weak man. The phone conversation in the last season contains some of the finest acting every shown on tv. This is nothing where being "surrounded by great performances" would automatically have made her look better, rather the opposite. A lack of talent would have been painfully obvious in that scene. So from a technical point of view she did an amazing job there.
That said - she was cast for the wrong role. Had they changed her part instead of making a 1:1 copy, they might have played with her strength. But the character she has to play is so much more vulnerable than she could play, even just from a physical perspective, especially when partnered with a fragile person like Tennant, who made her look huge. The whole under-her-shoe dynamic which made Breaking Bad look so well worked here against the show. So in the end they took her name but did not bother to use her talent. Which should explain the lack of awards.
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