viewport shading seems abnormally poor-quality

Maybe this is normal. But it seems to me that smooth shading in viewport is making edges look too apparent:

There are 32 verts around the circumference and I thought viewport shading did a better job than this. I recall it looking much better when I used Blender years ago. But I could be confused. Is this normal? Here’s the blend file.

Add some loopcuts to divide the long rectangular faces into something more square.