I was skeptical going in but yes, I think it's better. The 4th green is better suited as a green for a long par 4 than the fifth. It's more open in front and has less severity at its sides. I didn't think much of it as a par 5, but I think it's a great long par 4.
Also, I think that with the lengthening, 5 has become a better hole from tee to green. The drive used to be fairly simple; easy carry over the junk on the corner to a wide fairway. The bunkers ~80 yards short of the green weren't an issue unless you were a really short hitter or hit a very bad drive. Now they're in play for everyone except long hitters who've hit good drives.
The drive is much better. The junk on the corner of the dogleg comes into play for almost everyone off the tee and you either have to bomb it, hit something very straight, or hit a slight fade around trees that encroach from the right. It turned what I thought was an uninteresting drive into one of the best on the course.
The only issue is that there's now a bit of a walk back to the 5th tee. But I think it's worth it. Both holes have become better.