Fake news is deliberately disempowering its target audience. So yes. Deliberately created 'fake news' (i.e. Public Relations or what used to be called Propaganda) deliberately disempowers those that buy into it, or rather convinces them to loan their power behind a cause or demagogue they believe will align with their interests. But not all news that is wrong is fake. Sometimes the creators believe their own bullshit. Then the news is not so much 'fake' as 'poorly researched opinionated nonsense'. Then there is nonsense news generated by AI designed to get hits for online advertising with no ideological agenda other than making a profit.