Jez kills the dog. Jez then eats the dog. In front of the dogs owner. No amount of hand waving or interpretation changes that it is what happens in the episode. It is also very dark.
So what you're saying is that pertinent details that provide context for any given situation is "hand waving" and irrelevant? Seems like an obtuse approach to arriving at a conclusion.
The pertinent details are that he eats a person's pet in front of the pets owner! His motivations don't matter! His motivations do not absolve him from his actions. No Seinfeld character comes close to this level of sociopathy and I challenge you to come up with an example where it does.
And just for the record I like peep show, and I think the holiday episode is funny if a bit disturbing.