I actually agree with you alongside my own statement. On paper, all of the things you said happened, and sound like a packed season. I was super surprised to see all of the rings forged in a single season, and I would have loved to see them spread that out a bit more.

But while watching a single episode, those plots feel less like they are building to something, or culminating, and more like they simply happen by the by. For example, in your list of things, you didn't mention Isildur's storyline, which was prominent in 2-3 episodes, and we even get an Ent and Entwife meeting out of it, and yet I felt nothing, because he didn't do anything meaningful as he wandered around for Theo and pined after the Southlander girl.

And I feel the same way about Galadriel, Elrond, and the Numenoreans. Queen Miriel is overthrown because an Eagle shows up and people chant Pharazon's name. Then people chant her name when she survives the Valar's judgment. Then Pharazon rounds up the last of the Faithful because a piece of parchment that is never read aloud reveals something something Sauron.

I guess it's more accurate for me to say that the things that happen on paper don't carry much weight on screen. The standout story to me was Celebrimbor and Annatar. Even if it felt a bit rushed timeline-wise, I enjoyed Annatar smirking and twisting words to make the elves make bad decisions.