Having not read the book, I'm basing my thoughts on your summary. Certainly the fear that politicians will direct their appeal to the largest voting block, regardless of whether that position is good for society as a whole, is a relevant concern. I think political pandering cheapens the process, but see no way to stop it at this point. I personally choose candidates based on their positions on issues I believe most important to the country as a whole, and I think most people do this as well. Even those who vote a straight party ticket with unquestioning resolve believe that to be most important to the country as a whole. The biggest problem voters in a democracy have is actually knowing who supports the same issues and values, and who is merely pretending to support those issues and values in order to gain the power of polical office.
This may have little to do with Ortega's main thrust, and I do understand his concept of a superior minority and a less-knowledgeable majority. However, I see danger between the lines of having contempt for people who dare to believe that their own opinions are equal to the opinions of others. Knowledge is a broad, encompassing word; I, as one of the masses, may have in-depth knowledge of certain areas that the "specialist" minorities do not have. Does that make my knowledge equal to the specialist? No, actually, it makes my knowledge superior to the specialist in certain areas, and his knowledge superior in other areas.
When we come together as a society, our knowledge in all areas is blended, enhanced, transformed. Dissecting society into "elites" based on specialized knowledge, and "masses" who do not possess that specialized knowledge but many of whom may excel in other areas of knowledge is a dangerous endeavor, because who decides which knowledge is the most worthy, and which is less worthy? The fact is that society needs a broad base of all knowledge to flourish.
I suspect I have wandered off into territory not covered by your original question, lol, so I shall end my ramble now.