I am learning about spin in QM and I was wondering if $\langle{\psi}|\hat{S}_z|\psi\rangle$ where $\psi$ is a spin wave function, is a meaningful quantity? In the case of the Hamiltonian $\hat{H}$, $\langle\hat{H}\rangle_{\Psi}=\langle{\Psi}|\hat{H}|\Psi\rangle$ is the mean energy for a system with wavefunction $\Psi$, but how should I interpret $\langle{\psi}|\hat{S}_z|\psi\rangle$? Is it something like the average value of $z$ given $\psi$?
I am aware that (spin) $\psi$ lives in $\mathbb{C}^2$, and thus doesn't have "components" in $\mathbb{R}^3$. I am also aware that $\hat{S}_n=n_x\hat{s}_x+n_y\hat{S}_y+n_z\hat{S}_z$ is the spin operator in the direction of the unit vector $n$, but that this is an operator from $\mathbb{C}^2$ to $\mathbb{C}^2$ (just like $\hat{S}_z$), it does not give "components of the spin in $\mathbb{R}^3$". Finally, I know how to use $|n;+\rangle = cos{\frac{\theta}{2}}|+>+sin{\frac{\theta}{2}}e^{i\phi}|-\rangle$, to figure out the spherical angles of any spin, and that will give me $x,y,z$ "components" of the spin (a projection from $\mathbb{C}^2$ into $\mathbb{R}^3$?) - but that seems different from $\langle\psi|\hat{S}_z|\psi\rangle$. (I am also aware that spin operators enter into Dirac's equation, but in my class, we introduced spin and let it sit there in its own $\mathbb{C}^2$ and I must have missed something about $\hat{S}_z:\mathbb{C}^2\rightarrow\mathbb{C}^2$).