it's way too defensive. It's good if you play with a much stronger opponent but as it is right now it's not appropriate vs normal or weaker opponents because you don't pose any attacking threat.
I like 4-5-1 as a formation though. Since you have a strong team go at least normal or even attacking. Also, since you put red arrows on fullbacks, consider putting red arrows to wingers as well + your central MC (and blue arrows to the rest 2 MCs that are currently red) so you can attack effectively both throught flanks and middle.

If you go normal/attacking don't force counterattacks.

Also and maybe the most important. These formations with only 1 ST rely on a (very) strong ST to receive the crosses and score. Yours is only a 3* player which is not so bad but, he won't score very often (He probably has bad positioning and mediocre attack + physical). Even if the crosses reach him he'll have problem with opponent DCs if he's not very good. If you choose to go with 1 ST go and buy the best ST you can afford.

btw, only 3 subs? You need some more dude. An injury at your back line or wingers will cause you problems. Buy some cheap oldies for subs + the best ST you can find.