Europa Universalis V has mostly emerged from its launch phase where the game's most outstanding bugs have been ironed out. I am certain that in the coming months/years the game will continue to be optimized and fleshed out, just as with every other Paradox title.
I'd like to make it clear, EU5 is not a bad game; it's just not Europa Universalis.
Every single nation's gameplay hinges entirely around building its economy. I find that I'm hardly ever concerned with geopolitics, conquests, etc., and rather I'm constantly pre-occupied with building my nation's economy, such that everything else becomes a minigame that helps inflate it. What tech should I research? Which buildings should I make? Where should I expand next? Europa Universalis V's answer to each of these questions is whatever's best for the economy. Taking care of administrative tasks and making conquests in EU4 naturally leads to economic growth, whereas in EU5 this relationship is flipped. Does that sound like Europa Universalis to you? To me it feels more like Vic3. Again, this isn't terrible or unfun, but it's not what any EU player bargained for.
The other most pressing issue is campaign time. It is WAY too slow. Recently, Paradox added two extra time speed settings to help mitigate this, but it doesn't address the core issues with length. Breaking the time down to the hour is absurd, and slows the game to a crawl while undermining performance. I find that by 1500 I'm already tired of whatever campaign I've started because of how slowly the game progresses, even on the highest speed. This is exacerbated by once again, the dull repetitiveness of making buildings & RGOs, then generating money, then using that money to make more buildings and RGOs, rinse and repeat.
Again, EU5 is not a bad game, and Paradox doesn't treat anything as sacred in their updates so I expect we'll see a lot of sweeping change over the game's lifetime, but currently I can't recommend this as a Europa Universalis title.
