How would medieval people react to a modern medieval movie?
They'd probably wonder when/where that was supposed to be.
And those who had actually trained with sword or mace would recognize that the actors hadn't. An hour or more of sword training every day is going to build up the sword arm quite a bit. And mace work even more so.
And a suit of plate armor was worth the entire yield of a Lord's lands for a year. Which was one of the reasons for the jousting tournaments. The loser of a joust was effectively the winner's prisoner and the man's family had to ransom him back. The ransom helped pay for a knight's armor.
Imho. They would laugh and laugh and laugh. Movies are notoriously off the mark even in portraying a life in contemporary foreign country or of events just few decades ago of which a huge wealth of documentation, photos and film left. Too many details and very finicky social details to get right of which many was not even recorded.