Yes, your 4-5v-1 (4-1DM-2-2W-1) would be the most logical counter formation, especially when you have both better AML & AMR vs their DR & DL.
If your opponent has very strong AML & AMR (better than your DR & DL), you may also consider the following:
With this formation, you are using both DR & MR (and other side too) to squeeze out all the space of their wingers. MC will give you the possession in midfield. The only sacrifice you make is you are going to attack on one of the flank only, depending on which 1 is your stronger winger vs their weaker fullback. Your attack will be built from the back with 3v2 on the flank where you have a numerical advantage.
Long ball, one flank (flank with AML or AMR), offside on, counter on. Defensive, low press.