I am also attending Carnaval this year. I attended in 2020 and it was very difficult to find exact info on what to expect at the event online.
For a foreigner, I would definetely recommend finding a ball to attend, with the Magic Ball being the premier event. Sadly, the prices have gone up even more to around $700 USD just to get in. It is really fun and glamorous, and I thoroughly enjoyed myself in 2020. I would not recommend buying a table seat as you'll be on your feet most of the night, and a seat isn't had to find when you need a break. There are other well regarded balls around the city as well, including one geared toward the LGBTQ community.
The Parade itself is pretty spectacular, but gets really repetitive fast as the songs just loop and it takes a while for each float to pass you. Still worth seeing once, and if you get a camarote ticket you can go inside and drink/mingle until the next float reaches your section. Camarote #1 and Rio are the two top ones if I remember correctly.