Well?
I sing it, usually. Not well, but I suspect that's not the point of the question. I sing it because the lyrics are, to a large extent, independent of the sentiment which is that, for all its faults, this is a great country and I'm glad that I was born here and not in any number of other significantly worse places. It's a celebration of the glorious, incongruous, self-contradictory mess that is the UK and its complicated history.
If I were asked, I'd say I think there could be a better anthem (the dirge-like tenor of the music is more problematic for me than the lyrics, but changing those would be an improvement), but the fact that it's not ideal doesn't mean that it has be disregarded. In fact, if anything, the fact that it isn't perfect sort of fits.
O.