Engine parity is like asking the teams to all design the same cars.
Refuelling will at least mean it doesn't become a procession again, a greater element of uncertainty. Cars on bleeding edge, different refuelling strategies....aero is vital but dirty airflow has always been an issue with F1.
Like the Pirelli-cheese tyres of recent years, refueling creates false overtakes. And they aren't overtakes that occur on-track, the drivers who are fueled more heavily wait for the lighter cars to pit and then overtake.
I understand why you would think refueling creates excitement, but it's actually the most predictable and boring the races have ever been. The reason 07 and 08 were so exciting was because the teams were all significantly closer to each other, partly because we had much more manufacturer money in the sport than we do today; not because of refueling.
There would be more strategy blunders for sure, but ultimately it would have exactly the same effect as the Pirelli-cheese tyres, which I absolutely hated.