I visited in June 2024 the section of the Grand Canal that is located in central Beijing. The inscribed part there consists mostly of Houhai, Qianhai and Xihai lakes, collectively known as Shichachai lake. These lakes are very lovely place to walk around with many trees providing shade from summer sunshine. The famous Beijing hutongs surround them with plenty of shops and restaurants to look for souvenirs or taste Chinese treats. Paddle boats seemed to be a popular activity with locals along with shopping, of course.
For Grand Canal purposes the most interesting site along the lakes is Wanning Bridge (pictured). The bridge is the oldest bridge in Beijing's central axis, originally dating from 1285, but obviously renovated multiple times since then. The bridge is still in active use with busy road going over it. Next to the bridge is 2 statues of water-harnessing beasts, probably dragons. The canal is a very pretty sight, with trees lining the canal and the water is crystal clear. You can see fish swimming in the canal and bright green plants growing at the bottom of the canal. Everything is very clean and recently renovated. The information signs next to the bridge were more concentrated on its relation to the central axis than the Grand Canal. Next to the bridge you can see also remains of a watergate besides the beast statues.
Other picturesque spot along the lakes is the small bridge between Qianhai and Houhai lakes. Very short walk away from there is the Bell and Drum Towers of Beijing, which are part of the Central Axis WHS. The lakes and Wanning Bridge are definitely worth the visit while you're in Beijing and it's easy to place to tick off the Grand Canal site. However, you won't be learning anything about the canal here or it's important place in Chinese history. The massive scale of the canal is probably better to be appreciated somewhere else.