Granted, the TV adaptation of the Boys has more to say than the comic, which ZERO to say but at the end of the day it's not really exploring anything. It uses 'what if superhero's were awful?' mostly to do gross-out gags (the comic book uses that conceit ONLY to be as gross and mean-spirited as possible). It's satirical edge isn't all that honed.

The Boys does add some stuff about corporatization and media but nothing particularly that deep or interesting. The Boys strengths are its performances and its wild, do anything energy. It's VASTLY superior to the books but its nothing on the level of Watchmen at all.

As an exploration of anything beyond that initial 'what if...' there's nothing. I really enjoyed The Boys but I haven't given it one iota of thought since I finished the final episode because it doesn't require any.

Also, The Boys is an adaptation of a comic and Watchmen is a sequel to the comic. So while you can (and absolutely should) watch The Boys without reading the comic I can't imagine doing so with Watchmen nor would I recommend it.