I have the management game, and while its fun, its not Ā£40 fun. Motorsport Manager which was released 6ish years ago is just as good, if not better. F1 Manager just has the F1 licence. It is not to the depth of Football Manager series.
Catching a car on its out lap in Qualy, has a bigger impact than yellow flags, can lose three seconds so getting the cars out at the right time is really important. Incidents in the race which you expect to cause a safety car, don't, and incidents which don't, do. Its just a buggy game lacking depth.
If it had an online mode, I think that would make it more fun. The setup needs more options to focus on, with just 5 settings, and 6 attempts to get it right, I have found that most time I have been able to unlock 8/9 performance points for both drivers.
As for the races, you make your strategy before the race, and until you get the window there is not much you need to worry about. Micro managing the pace can have a little difference. Wet races can make it a bit more interesting, but the getting held in the pitstop can ruin the race even when it looks clear. Maybe its a time thing, and if you can micro manage the whole race in real time its better, but I was managing to do a race weekend in about 1 hour, using the fastest speed.
Having the real teams audio, and drivers audio is very immersive but does start to get repetitive by the 4 or 5 race.
Video below of someone streaming the game who is a big fan of it.