I agree with most of what you said but I wouldn't call it 'barely' a video game. It feels like a bunch of reasonably well polished concepts and ideas that just never come together to make something overly enjoyable. Boring would be the word I use to describe a lot of it.
The traversal/exploration/tombs have elevated my opinion of it because I do find them good but I can't argue with anything else you said. I'm yawning during the setpieces, I've never left a battle with less than full ammo (playing on normal), I can headshot every single enemy on the first try every time unless they're wearing a helmet, and yeah the story is utter trash which would be fine if the characters were at least likeable - but they aren't.
I'm 10 hours in and just left the underwater archives and am really hoping I'm near the end because I am ready for it to be over.
I wanted to love this game because I actually found TR2013 quite a surprise but this was not at all the step up the GOTY talk led me to believe.
The bolded is very similar to my thoughts about the game. The free roaming exploration areas and some of the tombs were the high points. The visuals in terms of tech wasn't consistently impressive, but the main hooks for me in these areas were the art direction and how well the levels were designed. In TLOU, the desire to explore areas was driven by the need for supplies and possible story triggers. With RotTR, I genuinely enjoyed running/jumping around to explore areas for absolutely no reason. I prefer this type of level design over typical open world games.
In contrast, the cinematic "high-octane" set-pieces were boring and forgettable. I felt the same way with the set-pieces in TR2013. It's weird how these scripted moments were tightly designed to be entertaining but I had more fun in the free roaming areas where nothing was happening and it was up to player to entertain themselves. I can vividly recall various set-pieces from GoW and Uncharted, but can't remember any from TR2013. A month from now, I'll probably forget the moments in Rise.
The combat hasn't improved in terms of encounter design. Again, there's nothing memorable here. Basically press a for awesome in the combat sense. Stealth was wasted potential. On the highest difficulty, I'm still just steamrolling through enemies. As with TR2013, everyone froths about how amazing the bow is, but it's not fun when the targets are fodder. In Gears of War, the torque bow feels great to shoot, but it's only satisfying when the targets are capable enemies like the Theron Guards. I can easily have detailed discussions about my favorite combat encounters in shooters like Gears, Max Payne 3, TLOU, and Uncharted. I would reload chapters or checkpoints to play sections over and over again. Can't say the same for TR. It's a bummer because all the mechanics are in place for something great and it feels like the devs are intentionally holding back.
The only challenging part is sitting through the cutscenes. Decent dialogue and appealing characters can make up for a mediocre video game story, but RotTR really struggles with every attribute involving narrative. There's no talent here. My apologies to the Lara waifu protection force, but Camilla's voice acting is awful and sounds worse than TR2013 (might be just the same). Two years later and no improvement. She simply can't act and her fake accent is an unbearable mess. It's atrocious and distracting. This is a cinematic story driven AAA western game in 2015/2016; there's no excuse for the protagonist and the supporting cast to be this bad. Nerfed gameplay design decisions for mass appeal I can understand. This I don't. And I don't expect any improvement in this department for the next game with all the praise the current two games get from best story, character, and acting performance award nominations. If it's not blind praise, it's the hand-wavy tired defense of
"It's just a video game. What do you expect?" I expect it to not suck this bad.
I wouldn't recommend it at full price. But obviously parts of the game (combat & setpieces) weren't designed to appeal to me. Anyone who enjoyed TR2013 would probably enjoy the RotTR. There are some posts in this thread that suggest otherwise, but they seem to be in the minority.