This may be true for the general audience, but I am sure it ruins the enjoyment for those who know Ibiza, because the locations are fake. At least reportedly - I asked because I was debating joining Netflix to watch this one, and decided not to bother.
It's the same with other movies when you have a little background on the subject. E. g. I like sci-fi, but I have some background in physics, so there were a few sci-fi movies (Gravity, The Martian) which I couldn't really enjoy simply because they got the physics wrong. When an astronaut vents all air from the spaceship in a desperate bid to stay in orbit, it's hard to feel suspense when you know it wouldn't even gain a single meter per second.
Same here when you know the supposed location, but the backdrops are fake.