No, not at all. They are hysterical and frantic - but they are not over-reacting. This is indeed a very major blow against them and everything they most 'value' - and potentially the beginning of the end (but only the beginning).
They are, however, absolutely bewildered - they have near zero understanding of the situation; clearly the Establishment mostly believe their own lies (even if the mass of the being public-lied to are obviously not convinced).
The fact that the media-bureaucratic rulers are so stunned with surprise shows this more than anything. Nobody with common sense and normal perception and common sense levels of reasoning should have been surprised by the defeat of Clinton!
All this is exactly as I would most wish it to be: they are afraid but ignorant and deluded; they don't understand what is happening, so they are much less likely to be able to stop it - but will continue to fight imaginary enemies, while leaving the real threats to secular Leftism invisible and untouched.