Wayans is ... incapable of limiting himself to parodying one movie at a time, tossing in riffs on Whiplash, Magic Mike, and Zero Dark Thirty to varying degrees of success.
There are undoubtedly four or five one-liners that will have you in stitches, but given the scattergun approach to jokes, that makes for a rather minuscule percentage.
As a piece of cultural criticism, however, it painstakingly eviscerates nearly every scene in "Grey" and skewers latent sexism, classism and ludicrous sexual innuendoes, as well as the original's numerous plot holes.
The message remains, ultimately, one of female empowerment ... but here it's presented through an endless blizzard of latex genitalia, racial epithets and bodily fluids.
Wayans continues his pattern of creating movie simulacra - calling them "parodies" or even "spoofs" puts far too fine a point on it - whereby we're supposed to laugh because we recognize the thing that is being reenacted.