SAG, Golden Globes, Emmys, Oscars.
A blur of red velvet. Should you even care? The Industry certainly does. Since the early days of private dinners (broadcast by radio) Hollywood has been telling the world, and each other, what it thinks of its own product.
This is what I have to say about that:
If you like King's Courts and the drama and intrigue of the nobility going in and out and around each other, then pay attention to the award shows, and to the awards. Because if you have ever studied ANY court from history (in the Western or Eastern world) then you have pretty much seen Hollywood in action. But if you just like to make and watch movies for the sake of the movies, don't worry too much about them. You will be working no matter what statues are attached to your art.
And, ironically, if you relax and approach Awards Season that way, you'll probably participate in a much more fundamental way as well.