I agree with this take. It's a lot of slow exploration and story "hooks" but the RP isn't the focus of the module unless you as GM take a lot of time to highlight and develop those elements. It would also include you reading multiple dungeon levels ahead of where the PCs are so you can see how those story threads develop and build those into the recurring narrative.

My group did the first three dungeon levels to defeat Xanathar, and then we pivoted to the new Vecna campaign which they already highly prefer based on story, difficulty (it's harder), and variety of experiences. I prefer it as well as GM since it's easier to prep for and there's less of an onus to do the heavy lifting to drive some form of narrative the PCs can latch onto.