Is “The Boys” a satire of superhero franchises or a superhero franchise itself? Such is the question posed by a show that is, among other things, a cautionary tale about corporate monopoly that airs on Amazon. So far, though, the answer is both — a delicate balance “The Boys” has sustained through three acclaimed seasons, an animated anthology series and, now, a live-action spinoff, the college-set “Gen V.” The contradictions of success may eventually take their toll on the pitch-black comedy and its satellites, which portray so-called superheroes as pawns of the rapacious Vought International. But “Gen V” retains the edge, cynicism and (aptly) adolescent humor that make its parent show tick, suggesting “The Boys” is far from the creative fatigue now plaguing juggernauts like the Marvel Cinematic Universe.

Developed by Eric Kripke, Evan Goldberg and Craig Rosenberg, all executive producers of “The Boys,” and showrun by Michele Fazekas and Tara Butters,...