There are several aspects in this game, and there are several way to play it. Perhaps you enjoy the action part in this game when you find out where to be and how to trigger it (e.g. by imposing challenges on you). As for me, action only spices up the rest, and I'd rather consider Valheim as an excellent time killer game: you play how you want for the duration you want, all your progress and doings are saved, and the number of activities is pretty high, even early in game. You can call this repeatitive, or boring, or grindy. I call it a very nice time killer. My position would be totally different if graphics were not so good, because I'm a contemplative person, and can just appreciate moving in a pretty frame. Also, I prefer to play this game with near max details and less FPS than the other way (if I have no choice).

For example, you can reconnect and decide to prepare for exploring a new area (without expecting anything new, but more resource to collect, and some thrill in the underground), or you can just roam "your" domain to collect whatever resources come at hands, and tease mobs (if you spared some spawners), or building a new and barely useful watchtower or a farm, or just decide to dedicate this gaming session to some exclusive activity (e.g. you need bronze to built a second ship to anchor near the starting location, and you want it NOW)...