I'm sorry, I don't buy this.
Argylle was a bag of spanners & is estimated to have cost $200m vs F1 at $250-300m.
The problem that you have is that you're comparing it to what has gone before.

TV has to stand for something to gain traction in the streaming service wars (currently down about no. 8 with no back catalogue of note) & what better to keep thing as exclusives, the only place to see the content - the only place to watch the content.
As I said, make it AVP exclusive for a time, but don't dilute the brand by going external.
Granted F1 to date has brought in c.$600m & it could be argued it's a good advertisement for the platform, but if I know all the big film titles are going to cinema first, as I consumer I may pause on that AVP purchase; I might hold back on that

TV/

One sub, whereas it should be all in, both making the best content you can & limiting the audience, purposely.
IIRC the reason for external screenings wasn't that it was made for cinema (again, why should I buy the AVP) it was to get the awards nominations in, but I'd like to see

be a bit braver.
It might not have the initial pull, but it will force people to think twice about that subscription, if the current streaming models don't work for others, make them work for yourself.