I just beat that narrow diamond formation with 3W-3N(MF)-2W-2 in a Champions League Final!
Changed to 3N-5-2 when I was 2-1 up with half an hour to go to tighten things up, and played mixed, short passing and man-to-man marking throughout.
I thought it's a good result as the opposing team had used the same formation throughout - all the way to the FInal - but never watched the games, maybe a bot?
As to beating 4-5-1, I'd suggest concentrating your better players down the middle with a good AMC.