Hi, lurker here! I watched both seasons and s1 focuses on Popipa, so whatever subtext is within their band is probably there (other bands are no more than cameos really). In s2 they essentially squeeze an episode for each band and is mostly fanservicy in terms of the music in the games and comedy scenes. Some subtext is there but some of it is put on the backburner with certain characters pushed to the background because of the main plot. (I honestly wish Kaoru hand more screentime but oh well)