No, not at all. While it isn't as realistic and intense as IV's, I feel it's better because of how easy it would be to lose your amazingly awesome custom car. Think about it, if you couldn't drive, and had a car that was worth 500k from customizing it, would you want to completely destroy it in a matter of minutes?
Plus, the cops are so aggressive, and it's pretty easy to get a wanted level. When you are in a cop chase, the cops do everything they can to push you off the road by ramming you in the back, hitting you in the side, etc. If they were that aggressive in IV, your car would have been totaled in a couple of seconds.