I'm generally a big fan of open world games - my favorite SP game ever is TW3 and a major reason for that is its open world - but I really do not care for the structure of Elden Ring. What it does is take the best parts of the Soulsborne games (the intricate, hand-crafted dungeons) and insert a huge amount of filler in between each one in the form of these massive open areas in which there's nothing to do except traverse empty space or fight enemies. NPCs are few and far between, the quest design is somehow even worse than in Dark Souls, and there's like a single location (Jarburg) on the entire map where the object isn't to eradicate everything in sight. It's frankly all very one-note. There isn't a strong sense of anticipation or excitement as you venture through the world compared to a game like TW3, where exploring might lead to you organically starting a fleshed-out questline or discovering a merchant square with loads of different vendors or entering a village with a bunch of people going about their lives and conversations to listen in on. When you crest a hill in Elden Ring, you already know what awaits you ahead: more hostile mobs, that's pretty much it.
Legacy dungeons don't suffer from this problem because figuring out your way through their maze-like level design is as much part of the experience as simply killing enemies, but they represent a minority of the time spent exploring each region if you're being thorough.
So yeah, give me a proper Dark Souls IV any day, I'm not interested in another open world in the same vein as Elden Ring.