I think there are two ways a person can approach to this game ( as in any other game I guess), thematic or formulaic.
For me, I am more of a thematic player, I choose ships, squadrons, characters mostly due to special preferences rather than their true potential. Example? I never played with MC-30 because I am not familiar with that ship in SW universe yet almost every game I have Nebulon-B because it is my favorite. I love Thrawn and I tend to choose him even sometimes it does not make sense, or I don't choose Motti becaue I cannot stand him. Most of the time, I tend to create fleets with a plot in my mind that parallels the movies, comics, games and etc.
Having said that, I don't play competitive, I never entered a tournament and I really don't mind loosing as long as I have fun on the table.
Formulaic players are better players probably because they create fleets that make sense. They don't choose ISDs becaue they look awesome on the table but rather they choose because they need a ship with that capabilities. They wouldn't mind choosing an RV with some boosters on the back as long as it does the job. For them, fleet creating becomes a variation of formulas rather than personal preferences.
So I was wondering what kind of player are you? And can you play both ways without compromising your true gaming style ( too thematic or too formulaic) ?