The point that Walt represents some sort of "white man fantasy" doesn't work for me at all.
I think the show specifically makes you look at Walt and the characters from behind a sort of glass. I don't feel like I'm identifying with him as much as I feel like I'm observing him. The audience knows things Walt doesn't. We see backstory Walt doesn't. We see foreshadowing Walt doesn't. We see conversations between Jesse and Mike.
I think it's closer to what Mamet would say is effective drama in Three Uses of the Knife. The audience knows things the character doesn't, and effective writing is allowing the audience to know they're able to predict some of the character's future, but not too much. To let us see some, but withhold some, and then give it to us for effective drama. We're a step back from Walt. I don't think the satisfaction comes from the viewer being Walt.