The only thing TFA lacks that the PT has is George’s wild imagination and world building skills. But as far as telling a competent story with likable/layered characters Lucas didn’t showcase any of the talent he once had when making the OT.
I think you have nailed why the PT is not as good as the OT. But I think that GL’s imagination is more important to the overall story than his ability to write characters which is why even though TFA has better character stories, I think it is a weaker film because the overall plot is unimaginative.
I can understand you saying that the OT is superior based on that but the PT? The PT had semi imaginative plots with piss poor execution and mostly had dull characters. And plus if you don’t care about your characters you won’t be too invested in the plot anyway.