Ridge Racer V is a difficult game, which is a massive departure from Type 4's more pleasant and easy going difficulty, that I feel compliments the game's entire direction. The music is a lot more abrasive, the announcer has a less relaxed cadence and a new racing queen Ai Fukami replaces fan favorite Reiko Nagase. The visual aesthetics are of that Y2K futurism era and even though it's going for a different tone, it does feel like a Ridge Racer game with the mix of urban, seaside views and drifting.
While I do enjoy how it's a tougher game than Type 4, I'll admit that a Ridge Racer game being a relaxing experience appeals to me a lot more. The fact that this game made me question if I preferred it over Type 4 says something about its quality and appeal though and I would love to be able to play the game on original hardware, or at least a smoother experience than how my PC was emulating it.

EDIT June 1st 2023: I must have been playing it on normal difficulty, because I made sure to put it on easy this time and it's a lot more laid back. Also, using a later build of PCSX2 that emulates the game better on my PC, even though it's not perfect, so uh yeah this game rules!