The way I see it, it is risky with only four defenders against 5 attacking players. His flank players will keep challenging your dl and dr, and if they are better you are in trouble. The same applies for his AMC, if he manage to get passed the dmc the two dc will be in trouble.

I have played this formation 4-5-1 V style with defensive and counter attack against this formation and did not create any shots. I believe his attacking force blocked every attempt to start a counter attack. Bear in mind though that my DMC is in low form, that might be the reason.

I you want to counter him, maybe even more defensive 5-1dmc-2-1-1 and focus on one side. But I suggest you go attacking yourself with long balls, I bet that 4-3-3 hard attacking long balls would give you a comfortable win.