It's the season one acting that I find the biggest barrier to entry. It settles in by the end mostly, and the acting markedly improves from Season 2 onward though it always retains some of that campy scifi feel.
I did watch Babylon 5 when it first came out in the UK. Deep Space 9 definitely had better looking effects, but I preferred B5 to DS9 on the basis of other factors.
You can say they were too early, but not that they didn't lean in on technology and use it to their best advantage. It had weaknesses, but also strengths.
The acting was a mixed bag from very good to pretty wooden. And the whole will it get renewed or won't it situation led to non-optimal organization of the last couple of seasons.
As a young SF devourer at the time, the cheap effects were a major turnoff and one reason I never got into B5.
The trick with effects is to make whatever you have look good. There are a few ways of doing that. 2001's effects are genius and still look pretty good nearly sixty years later. They look better than 2010's from the 1980s. In fact, I'm even impressed with Forbidden Planet — yes, there are a lot of painted backgrounds but it does very well with what it has.