I follow it casually as Venturi have a team. But we're struggling and it will only get harder as the big boys such as Renault and Porsche are now joining in.
A few ex F1 drivers are in it now, which acts as a draw, as do the city centre locations. So while it'll not threaten F1 in the near future, it does have its place and will surely grow.
With the impending doom for fossil fuel vehicles and the increasing rise of electric cars, it makes more sense to look to the future than the past. For now at least, leave Ferrari to compete in F1 and have Maserati/Alfa compete in FE.