thanks - that's good to know.
To give you a bit more info, the comic takes place in the 80s and is a takedown of both Reagan era politics and the idea of superheroes in general. That's a major oversimplification of the whole thing, obviously, but that's the basics. And while it takes place in the 80s, it's an alternate history 80s, as the existence of one true superhero (Dr. Manhattan) changes the way real world events played out. For example, the US wins the Vietnam War prior to the events of the series, which leads to Nixon getting re-elected and eventually serving a third term after term limits are abolished.
The show imagines what our modern world would be like following the events of the comic series and, like the original work, is a reflection of the time in which it was made, as you're probably already well aware given that you're a few episodes in.
Also, if you do decide to read the comic, only bother with the graphic novel written by Alan Moore. There have been prequels, probably sequels, and crossovers featuring the characters from Watchmen, but as far as I know the show is only referencing the original graphic novel by Alan Moore and I don't think any of the other works are considered canon by the show, although I haven't read them so I can't say for sure.
I can't say for sure whether or not the show will be rewarding for someone who hasn't read the book or, at the very least, seen the movie, but I think reading it definitely helps you make sense of a lot of things that are going on. The show does do a good job of explaining a lot of it eventually (so far), but several of the characters appeared in the graphic novel as well and you'll probably largely be left in the dark as to their significance if you haven't read it. Laurie Blake is a key example of this, and I think her first episode is episode three. She's one of the main characters in the comic and you'll be left largely in the dark regarding that if you haven't read.
I would definitely recommend reading it, though, because it's one of the best graphic novels ever written and one of the best arguments for comics to be considered art.