I think that's quite true but there's still fun to have. If you just focus on who will be champion yes there's not much to it, at best two top teams are close and their two top drivers fight it out, or at least there's a fight within the top team like in 2016, and at worst yes the dominant driver of the dominant team takes the championship easy. It is a bit silly then when you see people crying GOAT based on numbers only and while for example I do think Hamilton is one of the greats I also think he's enjoyed an incredible period at Mercedes where a lot of other guys in the grid would have made incredible numbers as well. Personally I couldn't care less then when Hamilton breaks Senna's pole record or Schumacher's record of race wins, or Fangio's world titles. It all has to be taken with a huge grain of salt because everything is different, eras, rivals, rules, safety/risk, circuits, lenght of the championship, number of seasons completed and the list goes on and on.
But there's more to the races you can look forward to, there's all the team mate battles of every team, the fight in the midfield is decent, every race taken individually has the potential to be exciting like Austria ended up being due to changing conditions, mechanical problems, safety cars or random scraps. Sure then the championship as the sum of all races evens out unpredictability and that's the problem but there's at least hope for every race. Of course at times it sucks and you watch a car parade on an uneventful Monaco GP with everyone lapping 2 seconds slower than they could because nobody can overtake anyway and everyone is managing tyres and fuel, but it is what it is. There's big hopes for the 2022 rules at least.