Yes.
Although interpretations of the 1920s vary, there are some images about the time period that have proven to be enduring. This time period is often considered one of hedonism and extreme luxury. People were often very concerned with appearances and possessions, and morals were loose. This would be the shiny new apple.
However, this was often a reaction to the trauma and confusion that followed World War I. This meant that many people in society had lost their sense of purpose and were replacing this with material possessions and "fun." Moreover, this lifestyle of consumerism was one of the indirect causes of the Great Depression. These deep issues would be considered the apple rotten to the core.