You got my reasonings right. Between virtual races and solo track tt's, I've raced 15+ times this year. But I don't believe there is a such thing as "racing to win" in this environment.
Virtual/anything timed via GPS - obviously bull
Wave Starts - The time is legitimate, the standings are not. If you end up with the fastest time of the day, and some other guy in a different wave was 4 seconds behind you, there's no saying who would have won if you were next to each other in the last 200m.
Other reasonings that I have that are more on the personal opinion side:
Turnout - A lot of people who normally would race are not racing. Whether it be because they stopped training or because they're too scared to show up to an in-person event.
Dumb Courses - From what I've seen, permits have been extremely hard to deal with, resulting in race organizers making do with what they can get... OP's 4 lap half marathon in an open field isn't the worst I've heard... My friend ran an ultramarathon on a 1.5 mile loop.
So from my perspective, if you cannot race to win, the only thing to race for is time. So if I were the OP I'd skip or show up and treat it as a long run.