I mean, catching up at this point is useless and its impossible.
CN had a massive meltdown for content drought the first three months after the game got released, to avoid losing players they started pushing a lot of events.
Global got released as soon as the cn server had enough content for us, to both translate and then release we.
The hype is normal, the event seems good both lore wise and gameplay wise, they pulled out lots of infos(more than the first anniversary imho and made other drones seethe) which means the game has a lot more to tell.
The 5-8 months difference isnt quite big(there are other gachas that are 2 years behind instead) and sure people will lose the same hype they had in the first place when we will get this event next year....
Which is quite normal if you consider that this is your average gacha player mentality.
I still hope one day we will have all the content synched, but be aware if they plan it, it will likely start a whole drama in China since chinese players can get easily trigger themselves if they dont get new content or recycled content because of us(Esp if you saw the whole MHY drama situation). Time will tell, at this point im fine with being behind and actually have enough time to hoard and see which banner to pull(better than having 2 years of content behind)
Its also good for Yostar since they had a whole drama regarding content being released too fast and translation being broken(it wasnt JP who asked this but GL players).
They also pushed ch8 sooner than people expected because golden week..
Then we will get likely either Cob rerun or >Mountain >Archetto>R6scollab? >dusk event >kal > anni