Two types of racing really, there is driver on his own putting in a beautiful lap where someone is on the limit and you see the speed, it looks great. Then there is actually cars fighting for position and points. For qualifying, as a driver, it's a great track to drive. If flows so well and is difficult to get right with not much just line up the car for 1km and put the foot down boring parts.
For an actual over taking friendly, track position, fighting for points track it's a bit ****.
This is the side F1 needs to fix, slow race lap times. When a car is on the edge of it's pace limit lap after lap in qualifying you see more mistakes, a half a second loss/mistake on one lap it kills you, but at this slow race pace you can recover that at 1/10th per lap for 5 laps and because you aren't on the limit less mistakes are made.
That is one thing about the refueling era, it was lap after lap of pure pace. Drivers making more mistakes, more spins(barely ever see spins now from driver mistakes), and losing a second when everyone is pushing maxed out every lap is a much bigger deal.
Effectively when there isn't car to car action, you want to see car on track action. If a car is out on it's own, you want to see it going as fast as possible because that is still good to watch. Watching them pot around 5 seconds off qualifying pace saving tires is rubbish.