I'd need some time to think on it to decide where it ranks in the franchise for me, but there are some standout elements. The new characters were fairly memorable and it's clear this film is a sincere attempt at what Scream 4 ultimately faked us out with its new cast. (Though the Ghostfaces in 5, once revealed, don't quite reach the heights as the mastermind of 4 did once they were unmasked).
Tone-wise, it's more along the lines of 1 and 2 that were primarily horror with some comedic elements (Compared to 3 and 4 which kind of inverted the ratio IMO). And out of each time a new movie gives "the rules", 5's worked better than a lot of ones in the past because they didn't just talk about the "requel" trend specifically in regards to horror, they brought up other genres.