Formula 1, explained for rookies

Great work but you haven't scraped quarter of the Circus. Drivers are like superheroes in F1. Ultimate reflexes and max partial awareness and MASSIVE BALLS OF STEEL required along with 100% concentration from the moment you strap in to the moment you get out of the cockpit. Eventhough physical aspects is a factor but it's the brain's focus that makes them lose 3-4kgs in 2hrs. 
Engineering
Prestige
Marketing
Teamwork
Loads of ££££
Rules
Cultures of different host countries

There is much more to F1 than what you have covered. It was even more fancy with grid Girls and raging drivers. But American sick wokeness crept into F1 with liberty media and ruined it. Now clowns like Sebastian Vettel and Lewis Hamilton use it as a platform to preach their gender/identity/climate politics but cowards nonetheless because they chicken out when they go to UAE/Saudi/Bahrain. 
Also to host a race it costs upwards of 100+ million dollars for a country and they had to bid and out compete other countries.