Yes, you should watch it.
It might be dated visually now, but I remember it very fondly and thoroughly enjoyed it the first time through.
If you don't like it... stop watching it

Lifes too short and you simply may not like that sort of series, but if you don't give it a try then you could miss out on a series that people are still fanatical about after all these years.
As an aside, I went to an ECTS show many year ago when I was a measly student with a made up company ID badge. I got to wander around the show floor and chat to developers on the no-public days

At one stand was a 3D space shooter, as I got closer I realised it was the Babylon 5 game that was in development! It was guarded by a guy who was meant to be showing it off to developers and publishers but I think he clocked that I probably shouldn't have been there... and gave me all the talk anyway, it was great, visually impressive for the time and flying along b5 itself in a Starfury was really cool. I walked away from that very happy

Andy