Fun is subjective, some people like just watching the world develop around them for instance and that's totally know. Furthermore I'll have you know I played Palatinate into Westphalia not that long ago

. RotW bros simply stands up for the nations outside of Europe since there are so many people who overwhelmingly favour them and a few in that group who do not understand the plight of nations belonging to the RotW believing that seeing the AI tells them everything.
Incidentally though, yeah, Oh MAN.... does win out of your three picks, primarily because the other two are bogged in HRE nonsense. Sure as Palatinate you can become Emperor fairly easily and once you do force the Burgundian Inheritance REALLY hard but it can be tedious.
The tech penalty isn't that bad, not as Muslim, Indian or Chinese, it's a disadvantage sure, but there are benefits to being surrounded by people who are also disadvantaged in this way. You can stay up to date in military fairly easily until westernization and swallow those around you who are behind much more easily, you just have to pick your priorities better than just wanting everything and accept you might not tech in some areas for a while, it's not a big deal. In some patches it was actually advantageous not to Westernize at all.