Consider this form of imperative-with-and construction:
Strip that wall-to-wall carpet away, and you're likely to find a beautiful
hardwood floor beneath. Many of the houses in this neighborhood of the
city have oak or walnut floors.
Treat this TNT roughly and it will explode.
Semantically that is equivalent to "if you strip the wall-to-wall carpet away", which is something between a hypothetical and a conditional. Consider the possibility...
The TNT example is closer to a direct conditional, a warning.
In the passage you're quoting, the reader is invited to entertain the idea of "Reducing" the story to its rudiments, that it could be so reduced:
"Reduce Canetti’s story to a morality fable... and..."
The phrase Ultimately, though, ... brings us back to the reality: the story is not one which consists only of its rudiments. It is as it is, in all of its unreduced misogyny. And that pervasive misogyny makes it difficult for the reader to continue, it wears the reader down.