Here's a shitty pic of the setup from last year that I sent to a friend. Excuse the mess that the kid left me.
The big problem with this setup is synchronization. Live timing and in car feeds are 20-30s ahead of my TV stream. There's a delay option on live timing, but not for in car. It's like those bud light goal lamps.
But yea, I don't just watch the F1 race, I try to look at as much of the data that's in front of me. If I'm following a particular race against drivers, I can see when they're cooling off tires, charging batteries more for attack on next lap, and with full in car radio stream I get more info before it's covered by the broadcast crew. It's nerdy, but I really enjoy the data analysis aspects, and yell at the TV when so and so is making poor strategic decisions.
I typically rewatch a race multiple times to see what else I missed. Then I listen to the post race podcasts and get upset at myself if I miss a detail.