Is it worth to invest in Nifty 500 index fund considering tracking error?

Is it worth investing in Nifty 500 index funds like ICICI nifty 500 index considering tracking error? or it’s good to go with actively managed multi-cap funds?

I don’t really see a big advantage in investing in Nifty 500 index fund. Apart from high tracking error, you get minuscule exposure to mid and small cap in Nifty 500.
As such about 83-84% weight in Nifty 500 belongs to Nifty 100 stocks, which is not at all meaningful.

I personally use Nifty and NN50 index funds and active fund for mid and small cap.

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Thanks for the suggestion @Akash_Shah