I didn't get to play much of 5v5 ships. I stopped playing before ships were released, and picked the game back up shortly before the switch to 3v3. I will say that from what I remember, 5v5 ships felt extremely chaotic and it didn't really feel like I could employ any strategy other than "kill things fast," but I also was playing it with very low level ships.
I'll certainly agree that Hound's Tooth and Han's Falcon have caused some stagnation. HT made the entire mode about finding ways to kill HT, and the Falcon has added a huge element of RNG where you can just luck into a win by having the Falcon cause a ludicrous assist chain that instakills a target.