Saw the second and third episodes and it still held my interest. And for me introduced a lot more comic elements to it. If you have a modicum knowledge of Hollywood culture history it makes sense as it goes along. Some of the characters are fictional and introduced (I believe) to be able to weave the narrative structure that might not have been there. They all are writers, actors, or become friends. And then many, many are or represent real life Hollywood figures. But ofttimes the historical facts become slightly fiction for whatever reason. At any rate, I found many of the characters particularly comical. Jim Parsons (as Henry Wilson, Rock Hudson's somewhat sleazy agent), Patti Lupone (as Avis Amberg, the philandering wife of the head of one of the studios where many of the stars are contracted), Rob Reiner (as head of the studio, married to Lupone and himself philandering). And tons of others.
I definitely am going to continue on my journey through Hollywood. Here is Rock and the actor playing him in Hollywood.
Here is an article that gives some pics of the cast.
https://www.vanityfair.com/hollywood/2020/04/inside-ryan-murphys-hollywood-a-revisionist-homage-to-golden-age-tinseltown
P.S. The only thing that I really found hard to buy is Darren Criss as a straight man.