I have no experience with being on an HOA board, but I'll just share my criteria for taking a volunteer gig.
First, it has to make me feel like I'm making a difference for the better. It doesn't have to be a big difference, but it has to feel meaningful. I don't want to just be pushing papers or checking off to-do lists.
Second, it can't feel like a job. It shouldn't feel like an obligatory commitment. You shouldn't hear yourself say things to yourself like, "Uh, I have to attend the board meeting today." Other red flags for me would be preoccupation with policies and rules, or a requirement that I commit to a fixed schedule. What I'm getting at is the difference between freely choosing to do something because you feel like it vs. feeling obligated to do something by external requirements.
Third, I have to enjoy the actual "work" involved. This is kind of obvious, but I have to mention it, because there have been several activities I thought I would enjoy in retirement, but they've turned out to be duds, when I tried them. If I'm not enjoying something, I'm not going to do it.
Fourth, I have to like the people I'm working with, and I have to feel like I fit in reasonably well. I rarely fit in well with any large group, so I don't have high expectations here, but I don't want to feel too much like the odd man out (e.g., in terms of age or values).
If those 4 criteria are met, I'm in, but if not, I'm out. You will not be surprised to learn that so far, I'm not signed up for any volunteer gigs, except informal ones I adopt myself.