Go to a live race for the party, watch it on TV if you actually care.
To enjoy motor racing on TV you have to care about it already. It takes a special kind of person to sit through a live, non-abbreviated event that doesn't have a favorite driver, favorite team, and a decent amount of knowledge of the regulations and technical specs. I guarantee you, the only reason why I watch road racing is purely for professional reasons:
1. Media tips (good to know how to woo reporters, F1 is a good example of how not to).
2. Strategy insight (watching various strategies unfold in various situations is useful, and insight into team or race strategy is one of the few areas where the commentator is actually useful - they have the lap time and precise positioning data).
3. Driving tips (watching onboards in various dynamic conditions is useful. Clips on youtube tend to only be in ideal conditions or appalling conditions and rarely show the critically frequent light-to-moderate mistakes professional drivers make).
4. Learn circuits (the best way to learn a circuit short of driving or walking it is to watch other people go round it, even from the outside).
5. Know who's who (from reporters to team bosses to even midlevel managers and mechanics, it's nice to walk into a paddock with a decent vocabulary for names and faces and it helps your case immensely when you don't give a blank look when people start talking about team history or recent past events).
I actually, really, 100% do not care who wins. I'm equally happy for all of them.
For me, yes, watching motorsports on TV is boring. At least, compared to what I'm used to when I'm driving. I like actually going to races a bit better, because I like the sound, and I get to talk to people that might give me a car to drive at some point, or I'm supporting a friend, and I get to see the cool tech up close, but ultimately I'm still bored by it at the end of the day because I didn't get to drive anything. Watching other people do the thing that I want most in the world to do is very depressing. The depressingness is less bad on TV however.
At least with GT racing I get to watch some sexy looking cars go around.