I think the more you understand about the race, strategy, technology, rivalries, and race-craft will definitely help you enjoy a GP much more. It's combination of all these things that make it that much more than just cars going around a track quickly. The Austrian GP just gone was very exciting, especially the end!

Try watch a few more races and even check out the F1 subreddit /r/formula1 - its a good community that share plenty of news, clips from new and old races etc - and if you have any questions, they're all very helpful