I've read this story a couple of times as well as almost everything else by Lovecraft. I've even visited his former residence in Red Hook, Brooklyn.
I think it's a fair criticism that much of his writing is overly-dramatic and dripping with pervasive "doom". But the stories are fascinating conceptually and I haven't come across anything from that era or immediately after that's quite as creative or terrifying. Wherever Lovecraft received his inspiration it doesn't seem to have been a direct inspiration from any writer I've found. His world is one of constant hyper-dimensional downloading of evil that moves in cycles, but is always lurking in some unknown corner of the globe looking to re-emerge and dominate the world with its ancient plans.
He wrote a large number of stories but if you wanted to start with a couple that introduce his world, I would suggest "The Shadow Over Innsmouth" and "The Call of Cthulu". When I first read Lovecraft 40 years ago, I thought it was wildly fantastic horror, but had no basis in reality. Now, I'm not sure it's all fantasy...
One cryptic comment the C's made during the Sep.18.2021 session really surprised me and I would love to know more...