It's a bit exhausting by virtue of its sprawling plot. I certainly don't mean tedious. I simply mean there is a lot to take in.
While I find the show very moving, I also find it is full of wonderfully comedic moments so it is well balanced in my opinion.
I have to say, I never felt the show was an allegory about AIDS. However, I agree the show can't be separated from the reality of the time period in which it was written.
I saw the original run as a young, sexually active gay man living in the West Village and then Chelsea. AIDS was something I was highly aware of and navigating around everyday of my life, and I still didn't see it in the show.