You need to know a lot of stuff about the fighter and is style to appreciate it. I've watched a lot of instructionnals of Wardzinski, Jake MacKenzie and Craig Jones recently and when I watch their fights I understand stuff and it helps me a lot to see the entries, how the other guy defended, how they countered…
But when I watch 2 guys I don't really know, it becomes a blur and I don't learn as much. Especially when it's complicated half guard strategies and grip fighting. When you don't understand what's he's trying to do, it's just grip fighting that doesn't work, half guard that take time to pass or some funky lapel stuff going on.
Maybe a more experienced grappler would see more stuff than me, even from a new guy using a new style.
BJJ scout style of video with the sequence, the little arrows and text… can also help you a lot