Yes. That's why I think Lois comes out of this looking better. She did not come into this meeting thinking of exposing Oracle only for said Oracle to threaten her and her husband. Lois Lane does not like being threatened, Lex couldn't do it and he was both (at different times) a spurned suitor, the owner of the Daily Planet and the frikken' President of the United States.
There could have been some real drama here if Lois had not only called bluff but told Babs that although she had no intention of exposing her in the beginning, Oracle's clumsy attempts at blackmail had made her decide to do it after all. That's what Lois Lane is like - you do not mess with her (she's been a famous reporter since Barbara was a teenager, after all). Then Barbara would have looked even more stupid.