Luoyang has no shortage of parks and this is maybe one of the better ones, it doesnt really hold much for the traveler for the majority of the year. Of course, this park and ALL the parks in Luoyang are very active during the annual Peony festival, but for the remaining 11months of the year there is little else happening.. You will find things going off on the other national holidays too but they can vary greatly.
The park does have a fun fair and a zoo, and has seen extensive expansion with even more beds for flowers and so on.
Unless you have a few days to spare I would skip this place and go somewhere else in the city, although due to its location it can be easy to pop in on your way to the old city but don't plan to spend more than an hour.
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