We have a few bike races in our area every year. TCRC has their Omnium. King and Milligan College also have a pair of races. I've known the cycling coach at King from when I first started riding and he's a great guy. Always supportive.
TCRC has a mountain climb, a time trial and a criterium in downtown. My wife and I ride our tandem down for the criterium and tool around a bit to see people that we know. It is more of a social gathering. The highlight is the kids lap where all of the young kids "race". Seeing toddlers, some on balance bikes, and younger riders out there is such a treat.
Milligan college also has a road race and criterium. We've course marshaled for the road race a couple of times since it is right down the street from our house. We also ride our tandem down for the criterium and hang out with people that we know here and there.
As for sitting along a road to see people that I do not know go by. Meh, I'd rather be out riding.