I didn't think they were so bad. I think the Lunar New Year stuff is slightly more under-the-radar compared to Food & Wine - I've seen some packed parks during Food & Wine.
One popular trick with the festivals to save time is to scout the booths and figure out what you want to buy for the day, then buy it all at the first kiosk you go to (ie, the one with the shortest line, even if you don't want something from that particular booth) - all of the booths can sell anything from any of the booths. Then, you just keep your receipt and head to the appropriate pickup window when you're ready for that item. (The purchase lines can sometimes get long, and that'll help you skip them.)
I arrived on Sunday afternoon, and the crowds didn't seem so bad. Historically, at least for me, with January and February, I've usually found Fridays and Saturdays to be busier than Sundays - by late in the day on Sunday, it's sometimes felt like I had the parks to myself. The weekdays felt pretty okay, too - I think that's a time period that people aren't, for example, pulling their kids out of school to go to the parks. I did Sunday afternoon through Wednesday night, which I really liked.
It's hard to predict how it'll be year-to-year, especially since things have gotten so weird this summer. And even this year - BadTinkPink was there the week after I was there, and maybe had a little bit less luck than I did, but still had a great trip.
Her trip report might give you a broader picture of that timeframe. (I almost went that week, but moved it back a week for a D23 thing, and I think it gently worked in my favor.)