On TV, I love Formula 1 racing and it is best to watch on TV. Unfortunately, most of the races require you to see them alive at 1:00 AM or 6:00AM, except for the Canadian and Brazil races. The U.S. just manged to get a Formula 1 back. Formula is not like Indy car racing.
Being there is an experience to get the feel, but because such a long track, it is not staged for fans and you see little in the bleachers. TV provides a better view and information on the whys and strategies. No pit stops allowed for fuel (what you start with is all you get), only for tires where at least one change is required.
It does dwarf NASCAR since there is little interest in the rest of the world. Most people do not want to waste their time watching nondescript tanks bang each other around only to get it finished in a finish that is delayed and scripted to provide more advertising time.
Each Formula 1 race is seen by over 1,000,000,000 people.