I refuse to watch it precisely do to what you are alluding to. It is a pure political statement interjecting diversity for diversity stake for representation in the fantasy space. This is the same problem happening with the Great American Comic book characters. I am an avid comic book collector. I bought my first comic book back in the day when they were sold in Drug Stores in the spin racks/bins when the cover price was 20 cents (or more likely my grandfather) 1971/1972, when they were 20 Cent cover price. I still collect silver and bronze age books (1960's to 1970's) stuff but refuse to collect any modern stuff given to what the Corporate executives have done to the canon regarding these characters (woke ideology run amok).
Netflix a few years back did 2 shows that were true to the canon and origins of 2 Marvel Comics characters, 1) Daredevil and 2) Luke Cage (one of the early African-American characters created by Marvel, debuting in 1972; The Black Panther is from mid 1960's). Both shows were in my view excellent. They both stayed true to the original canon of the characters as the creators of both characters created them.
And the reason moderns can't see the original Tolkien Universe in the way it was intended is because Tolkien was an orthodox Catholic, Yes I will come out and say it and those that have problem with that well that is their problem. So pure and impure was not tied to race and ethnicity but more in terms of grace/holiness vs sin/evil theological concepts or good vs evil. But again, the modern West has lost all sense of those realities and even a secularist who still sees the cultural norms that were passed down through the centuries in Europe (this applies to the USA/Canada/Australia as well) as having value could still see the notion of good vs. evil.
So I refuse to watch it, same for the new Game of Thrones prequel.
You're not missing much, especially as concerns Rings of Power.
I, and a lot of others, have always loved Tolkien not just because of the beautiful language of the books, or the extremely detailed creation of a parallel universe, or the marvelous characters, although all of that is present and essential, but mainly precisely for that moral sensibility. Man and woman can love one another truly and loyally. True friendship can endure anything. There is good and evil in the world, and in a lot of instances you have to choose one or the other.
Yes, I loved the Aragorn character, and Elrond and Galadriel and the rest of the elves, and Faromir, particularly in the books, but it was the hobbits who held my heart, and especially Sam. To me he was the real hero: loving, loyal, self-less, with an unerring sense of the good and the determination and courage to follow it. To this day, after I don't know how many times I've read or seen it, when he says "I may not be able to carry it (the ring), but I can carry you.", I start crying.
George R.R.Martin and all the other fantasy writers after Tolkien stole from him unabashedly, and in the process coarsened fantasy fiction, imo, especially in the HBO GOT version. I mean how much simulated coitus do we need to see on screen, especially when it's so unfeeling or even joyous? Even in that, however, while the characters had human flaws, there were good characters and evil characters: Ned Stark, Jon, vs. Cercei Lannister and her evil father, for example.
The conflict of good vs. evil was the underpinning of the westerns. When they were deconstructed, the people who believed in the existence of that dichotomy went to fantasy fiction to some degree, imo. Now they are meddling with that.
Btw, have you seen some of the PR about the Padre Pio movie? Do you believe Shia LeBeouf is sincere in his conversion? I'm definitely going to watch the film, given its directed by a Buddhist, so who knows what kind of Padre Pio we get. I think the real Padre Pio would be a hard pill to swallow even for a lot of practicing Catholics.