Personally, I would have to say a big fat "NO" because it is of my humble and single digit numero uno opinion that the game has not aged well and the only redeeming quality to it is its lore factor, as it does indeed do a good job at picking up the series plot arch after CV which RE4 failed to do.
I'm trying to think of another game that was released around that time period (video games were in a little bit of a lull in the late 2000's imo) that's better and the only game I can think of is 'S.T.A.L.K.E.R.' which despite being 1st person and being a bit Eastern European and janky, actually does do "horror" and "shooter" pretty good unlike RE5. It is a PC game though but an old one so you should be able to run it with a few tweaks.
EDIT: I almost forgot, try the game 'F.E.A.R', it also does a better job at "shooter" and "horror" than RE5 does and I was pleasantly surprised that its sequel, 'F.E.A.R. 2: Project Origin', was quite enjoyable. I would easily recommend these games over RE5 any day of the week.