Its a bit close to Canberra to be useful as a stopping point on the way to Sydney. It is a reasonable place to consider stopping between Sydney and the Snowy Mountains, if you want to avoid the major centres.
Lake George is not far from Collector, usually home to a few grazing sheep. What appears on many maps as a big blue area is usually nothing more than grass a little greener than what srrounds it.
There is a weir in the town, with a small picnic area, and a bit of a walk alongside it. May make a change from highway services as a stopping point between Sydney and the Snowy Mountains. Swimming there wouldn't be advised.
There is a general store, which sells take away food, ice-creams etc.
You can follow the freeway, north or south. If going to Canberra, you can travel the top of the range throgh to Gundaroo and onwards on Gundaroo Road into Gungahlin. It is a scenic, but much slower alternative. If going to Melbourne, you can shortcut across to Gunning, and save considerable time over taking the freeway back towards Sydney. If your destination is Sydney, then you have no option but to go back onto the freeway.