Chakotay eventually became such an underrated character that his role was completely downplayed by fans, creators, and perhaps even actor Robert Beltram.
Yet like B'Elanna Torres he was always a go-to character for spotlight episodes, which is more evident in the early season. "Nemesis" is one of those transition episodes, where his dominant appearances become a little more random, relying more on the idea of the character than anything he might be able to say in the story itself, much less the fate of the crew's journey.
I would almost rate this as a franchise episode rather than a character episode, because it's a fairly generic experience, yet believing in the character of Chakotay, I will choose the distinction of character as a reason to watch this one, even though it does nothing more than use him as the lead.
Franchise * Series * Essential * Character
Memory Alpha summary.