I read the Hobbit in 1989, but didn't continue because my brother was struggling with the Lord of the Rings. I was 11, him 14. I watched "Fellowship of the Ring" with unspoiled eyes and then read the whole trilogy pretty fast and watched the movies each in theaters. I bought the extended cuts, but have never watched them, because of the time investment and I don't think I've ever watched any of the movies again. I always liked it, but when watching Rings of Power recently and seeing how controversial they are, I realized I hadn't ever done much study or wondering about all of it.
I believe I have gleaned that despite the poem, the One Ring never worked as intended. He had no effect on the 3 Elf rings, the dwarf rings corrupted the dwarves but didn't give him control, the rings for man had essentially the correct effect but only temporarily. He had complete control of Nazgul and they make excellent henchmen, but they themselves lost influence and aren't ruling over anyone, so the whole vassal system fell apart.
I wondered at what Sauron could do if he got the ring back and was guided to conclusion that all he would do would be keep it safe. He doesn't have a body and perhaps has no means to get one again, but the ring is now a horcrux for him and the only thing keeping him alive. So its value is just that it is his weakness.
I recall that the Fellowship of the Ring were supposed to go to the volcano together. I hadn't stopped to think about it before this morning, but all the stuff taking over Gondor and having an epic battle against the forces of evil was not in their plan when they set out. They just kept responding to opportunities.