Yeah I pretty much saw it was going through a lot of stuff in there and I think a big reason for that is I was also putting subdirectories in there that, with the benefit of hindsight, I probably shouldn't. Maybe nothing needs to be changed, I probably just need to go through and move unneeded subdirectories out so they're not watched.
It does make me wonder what will happen if I put a symlink to / in there. It would probably watch everything, wouldn't it?