It's a modification of the 4-4-2 only with a very weak central area. If your team really is stronger then you should try the 4-1-3(N)2. Your DMC will neutralize his AMC and your three-man midfield should overpower his single central midfielder. As for settings- no arrows on your players except for maybe blue ones on your DC's. Attacking mentality, through the middle, own half, normal, mixed/long, normal. Do NOT give your full-backs red arrows.
Another trick I would use is to give your DMC a red arrow, then put your strongest AMC in front of him and give him a red arrow too. This will transform your formation into a 4-3(N)-1-2 when attacking and with him not fielding a DMC, should give you an advantage.
In case you don't have enough central midfielders, you should try the classic narrow diamond, again- no arrows, attacking, through the middle, own half, normal, passing- short/mixed, normal.
The 4-5-1 V-style also looks like a good choice against this formation, however it's too defensive for my liking and with you being the more powerful team it would be pure cowardice to use it.