F1 exists because precision and recall pull against each other.
Reporting one alone lets you hide a terrible score on the other.
F1 folds them into a single number so that cannot happen.
It uses the harmonic mean rather than the ordinary average.
The harmonic mean is dragged down hard by whichever number is smaller.
A precision of one and a recall of nearly zero averages to about a half.
The F1 of that same pair is close to zero, which is the honest answer.
So a high F1 means both numbers are genuinely decent.
It is the usual summary metric when the positive class is rare.
It treats both kinds of mistake as equally costly, which is often untrue.
When they are not, the F-beta version lets you weight one more heavily.
F2 leans toward recall and F0.5 leans toward precision.
Like its two parts, F1 depends on the threshold you picked.
Sweeping the threshold and reporting the best F1 is common and slightly optimistic.
It ignores true negatives entirely, which is usually what you want for rare events.