I was ecstatic that I finally finished the first draft of my novel and was excited to read it through

I hated my second novel. I put it away for a year, then typed it up, then put it away for another year. When I finally got around to reading it I decided it wasn't so bad. Now I like it. I think we set our goals too high and it's hard to live up to them. Let some time go by until you don't take it so personally, then give it another look.

Isn't it good practice, after finishing first draft to just lock it in a cupboard and not look at it at all, for weeks, then after that come back to start the process of revision? First draft is just that, surely? Don't judge it too harshly just yet, I'd suggest, and don't read it back until you've got distance from it.

That's why you go through several rounds of editing. Leave it for a while, then go reread it with fresh eyes.
Writing requires lots of revision.

Start another one! Or change it and make it better.

First rule of writing is kill your babies. You can always write more words.

What you have here is a mighty fine draft. Now it's time to turn it into a novel and that means edits, rewrites, burning down and rebuilding entire sections, etc.

Wait a bit and then go back to it. Up to you how long it will take. Some take years before getting back to it.

Depends on the subject matter and how personal it is.

I'm sure plenty of good writers have felt the same thing.
The first draft is still just an idea. The work comes afterwards.

Can't suck worse than Twilight or 50 Shades so go ahead and publish. If you don't do it you never will.

Been there 😂