To be honest...
This is probably THE sport event that could've gone on, WITH NO PEOPLE IN THE STANDS, despite the pandemic. I totally understand why it was cancelled, and going on might have given a black eye to F1, but, from my understanding, it wouldn't have been terrible from a public health perspective, as opposed to, say, going to a hockey game in North America or Europe.
The stakeholders were already there. Holding the race or not doesn't really change the risk of transmission to anyone.
On the flipside, the next race will probably be Baku or Montreal, so having one race, three months off, then another might just not be the best idea either.