Yes, not everything the protesters say or believe is correct or represent irrefutable facts. One must always have an independent and critical mind to assess the claims and counter-claims of both sides. But it seems to me on balance, in terms of credibility, the democracy activists and the protesters appears more believable than the police. This does not mean everything the protesters say is true or everything the police say are lies, but the protesters' statements, some of them at least, appear more realistic.
As for conspiracy theories, I suppose one can feel free to indulge in them if they wish, just don't present them as truths. For example, I heard rumours floating around that Carrie Lam is in fact a closet pro-democracy activist. Why? Because she was once a social worker and knew personally some of the early pro-democrat fighters. According to this..."theory", the crisis was Lam's plan all along to force democracy from Beijing. Manufacture this extradition bill to highlight the incompetence of the current governance structure and demonstrate the need for greater representative government to Beijing. Well...hats off to Lam if that is what she really wanted. But there is just one small problem with this theory, there is not a single shred of evidence that Lam as the CE has any inclination to want universal suffrage. None of her public statement and actions indicate any kind of desire to "explain" HK to Beijing. The leaks in private statements that we got, that Lam admitted she caused "unforgiveable havoc", does not support the theory of Lam being a closet democrat in any way, only that she made a mistake. So, we can't call this theory credible. But there are many such theories out there.
At the end of the day, just be careful to distinguish what is true (or at least credible) from propaganda.