I’d say yes if you’re all about F1. If you want to catch the drivers you can head down to the track at 2-3am (which is just open and you can walk it up to the early hours of Friday morning) and they’re often just out jogging or doing media stuff with the BBC, Sky etc.
Singapore really is a city that never sleeps and you’d be amazed how many bars and eateries are open at 4am. And it’s not rowdy or anything at that sort of time, people sit out drinking coffee and stuff. Very civilised!
However as others have said, some of the other attractions will be closed like Universal Studios on Sentosa etc.