F1 isn't a circular track. They have tracks all around the world that vary in difficulty and length.
They drive the fastest cars in the world, need to change gears and make the turns without losing as much speed as possible from braking. Also, using angles and streamlining to pass. Leaders have to "defend" their lead. Plus, the drivers are at a serious risk of death at any given moment from a bad crash.
It's pretty skillful but I find it exceptionally boring.
Think of any sport with minimal technique and how its made exceptionally competitive by people who are masters at it. Like American football, rugby or baseball. Except you can die if you're bad at racing.