For some people, yes. Others don't find that rewarding at all. Personally, I do find it rewarding. But you're missing the significance that for many, helping fund an F1 team is a once in a lifetime opportunity. You can contribute to charity any time. Contributing to an F1 team as random Joe on the street is only rarely going to come up.Wouldn't it be more emotionally rewarding to give money to a worthwhile charity rather than a shit F1 team?
How many people know that? As for buying merch, if you already have one of their baseball caps, why would you want or need another one?