I think this is a needlessly cynical take on the issue, especially in the context of a news disseminating organization like the NYT. The purpose of the public editor is not necessarily to change anything, but to give some insight into the machinery of the news process. Unlike ombudspersons (yeah, went there), they do not need to be heeded to be effective at their role, which is to give the audience context to evaluate the news.
The New York Times Public Editor position was explicitly referred to by the New York Times as an ombudsman[1][2], and it was created in response to a massive ethics scandal. The role has nothing to do with giving the public "context".
