We watch it - it's fun / quirky snapshot of European culture.
The voting system is quite politic as people cannot vote for their own nation - so it tends to be countries with a friendly relations and/or LARGE ex-pat community in many other countries that do well. In recent years the voting trends have been laughable with obvious population connections.
So based on that Scandinavian countries do well accordingly, and countries like Russia (Ukraine invasion) , Germany (20th century history), UK (fun to give them "Nil Point") and Spain (no friends) have no chance no matter how good the song is. Many just will not vote for them.
I do note that this year that they are changing the scoring a bit with judges - or at least not announcing the judges vote - in an attempt to circumvent the mass influence.
And there are exceptions if you can zoom in on a social theme or trend - 2 years ago a bearded cross dresser from Austria won in a landslide - the song was average but it rallied the Gay/Lesbian/Transvestite community into voting action.
https://www.youtube.com/watch?v=8fvLtTRzdHw
And in 2011 Azerbaijan won it with a pretty weak song - but people seemed to thing the couple were lovely "running up stairs"
https://www.youtube.com/watch?v=8OQWfLt1Bh0 - as I say weak ... but it won.
So if you're betting you can take advantage of apparent mis-matches between quality of entry and theoretical likelihood of winning, and long as you remember the real geo-political truths of voting, and/or the joker of mass opinion.