Bluey isn’t just aware parents are watching, though. It’s not just cameos and a little sneaky grown up humor. It’s more like two stories, both compelling, are being told at the same time, depending on which character you identify most with.
Especially since having a second child start growing up, I've realized it's actualy four stories, often all compelling at once. There's Bluey's story, and there is the dad's and mom's story, but there is also Bingo's story, about being the younger child. My younger kid loves the episode called "Bingo", which is specifically about Bingo.
There's another Bingo-focused episode, called "BBQ", that's absolute favorite of my little Bingo's. My younger daughter (3.5yo now) definitely sees herself in the Bingo character.