Season 1 is - the other seasons have their moments but risk circling the drain of their own premises. I think it would probably have been better to move Moss behind the camera, producing and directing, and focus on a new handmaid each season. I can see why they got addicted to close-ups of her looking miserable though - she is very good at that.
In short, yes, it is a show worth watching. Take it season by season, stop when it's not worth it anymore.
As a show you can binge I expect it will be better than the ratings reflect. The weaker episodes will just be forgotten.
Luckily that's a problem for later on as the show starts strong. Maybe by season 4/5 are where things start to fall off, but you'll have plenty within the first three seasons that are great. Even 4/5 have their moments, it's just that the show has shifted dramatically by then.
I gave it a shot. I had to stop watching it after maybe four episodes. Not because it was bad or any sort of qualitative reason, but I just found that world in the show is so diametrically opposed to my way of thinking... and really didn't enjoy being in it, so I had to tap out. It's possible you might enjoy the show though so I would say at least give it a shot.