It's not too heavy if you don't mind carrying it!
Is it just for you or do you sometimes share it? For 33 oz you could have most of the single person Tarptents and it would be a lot less fiddly to set up. There's always going to be lighter options but you have to decide if the price and fiddle factor are worth the weight savings. The Hexamid is really, really light but crawling under the beak and all those stakes don't appeal to me. Lots of other people obviously take no issue with that though.
FWIW, I just replaced an MLD Grace Duo with a Bearpaw Luna 2 pyramid. I really like needing fewer poles and stakes than the cat tarp and I feel like I've got a lot more room under it. My new set up, with pole jack, 4 Y-stake, 4 skewer stakes, guylines, groudcloth, and stuff sack is 26.5 oz. I don't have the bug protection you have though.
Adam