No. It's more like overall the movie was good, but it was unnecessarily long because of some scenes being irrelevant or too long that didn't stop it being good OVERALL, but meant it could have been even better.
If you go to a restaurant and eat a nice meal, but on one round of drinks the waiter takes 5 minutes longer than he should, that doesn't stop the overall meal being good, it just means there was a slight flaw and it could have been better executed.
Things can still be good without being perfect. You might complain other people lack attention spans, but you seem to lack basic comprehension and understanding.
Your example isn't the best example. The meal, i.e. food, has almost nothing to do with the waiter's speed (unless the waiter was so slow that the meal got cold--now that would be a better example). Instead your example would be a restaurant's rating that is affected by the waiter's speed.
A much better example would be "The soup was good but it was too salty". Being too salty can make it terrible and even impossible to eat, depending on the degree of being too salty. It is no longer good if it is impossible to eat.
A slight flaw would not be what we are talking about. Slight might be one scene that just didn't go well (and in my opinion, that applies to almost all movies). One scene, in almost any case, wouldn't make a movie too long. Being too long requires many flaws. So now you are talking about multiple scenes, multiple problems, probably problems throughout. We are now far from perfect. That is no longer good.
Good is satisfactory in quality or quantity. If it was so long with multiple flaws that you have to call it out as being flawed, it probably wasn't satisfactory in quality. If these scenes were high quality, you wouldn't say they were so flawed. And certainly it isn't satisfactory in quantity.