No, the story is shit ... there is no saving it, as I sad the best ones were I and III and still get really bad at times, its just helped the bullshit tends to be contained in certain sections were the plot happens and then we go back to gameplay.
V suffers from being a Peace Walker sequel were they try to use the exact same mechanics of Peace Walker (Mother base, R&D, mission selection, etc ...) so it have the same structure of Peace Walker but somehow it simply comes off worst, I guess because Peace Walker story was just BETTER even if dumb as bricks at times.
I agree with the game coming off as worse than Peace Walker in the aspects it inherits from it.
I freaking loved Peace Walker for what it was, a Metal Gear game for handhelds that often didn't take itself too seriously and felt almost like a parody, or a comic version of Metal Gear. Still, it told a complete story that felt relevant enough (though definitely not critical) to the Big Boss story, and you certainly could see Kojima's influence when it came to both eccentric Japanese humour and making cutscenes with pseudo-intellectual stuff in them. Hell, even the conversation tapes were way more entertaining to me than the ones in Phantom Pain simply because there were a ton more and there was so much variety in them that you could just listen to the serious ones or the funny ones depending on your mood.
Gameplay wise, the base management aspect I can't help but think was much better in Peace Walker just because it was in some ways more simple. For example, in Peace Walker you only had to manage your GMP, and even then that just meant making sure the Combat Team generated enough of it automatically to keep it in the red. You didn't need to buy facilities as they were improved automatically as the different teams increased in size and quality. Reseach progressed every time you finished a mission (even side ops) instead of in real time. You also had your gear always at your disposal, never needing to switch from the gear you feel like using because you are low on money or some resource or herb because you just researched or built something. Peace Walker also had more balance and variety in side ops, and I liked how those were also rated just like the main ops, though that's a subjective thing as ratings in PW often depended heavily on not killing anyone ever and some players may prefer the freedom in PP's side ops.
Ultimately I think like the addition of resources and real time building was a poor decision. To me they don't seem to add anything but a layer of tedium, and even if they rarely get in the way because you can just farm some containers and send your combat team on some plant gathering missions, or let the game run idle in the ACC, that also makes it feel to me like it's even more pointless.
And I really can't stomach how Phantom Pain's story is left hanging like that. I honestly believed it was like Peace Walker where when you think it's over, after some time it turns out it wasn't the end and new events pop up. Which is what kinda happens about two thirds into the game and why I got my hopes up.
When I started playing I was ecstatic because I thought it would have been Peace Walker on steroids, but in the end it only clearly surpassed its predecessor in the tactical gameplay aspect. I would kill for a game with Peace Walker's tone and simple base management with Phantom Pain's tactical action. Well, perhaps with maps a third or a quarter the size of Afghanistan and Africa but having more of them in more varied locations.