I own, and have read, everything Lovecraft ever wrote, as well as quite a bit of stuff by some of his imitators like August Derleth and early Robert Bloch.
Lovecraft is an acquired taste. His early stuff, when he was trying to imitate Lord Dunsany, doesn’t do much for me, and his intermediate period, when he was experimenting with different things, is okay. It’s his later stuff, when he was fully into the “Chthulhu Mythos”, when he’s at his best, IMHO.
Some find his occultic references disturbing, but it helps to remember that not even Lovecraft himself took any of that stuff seriously; he jokingly used to refer to his own writing style as “a lot of Yog-Sothothery”.
In my view, Lovecraft is best taken as entertainment, a good, spooky, atmospheric story to read on a cold rainy night, the same way you’d watch an old horror movie.
And there’s also the amusement angle; since Lovecraft tended to suffer from adjectivitis, he uses a lot of description words that give his work a distinctive tone, such as “arcane, witch-haunted Arkham”, or “the bloated, fungoid moon”. Such phrases are good for a grin if nothing else.
It’s too bad that the old boy died in 1937…think of the stuff he could have written if he’d lived into his eighties!