Yeah, it does kind of. Definitely in the RPG mold. Combat flows pretty easily from melee to distance attacks. Good use of stealth, traps and potions. There are a three skill branches, and crafting is a large component, but the farming is relatively easy, and crafting can be done on the fly. So far armor and weapons seem to be advanced primarily through merchants...haven't seen any drops for those, but they can also be upgraded with components. Seems relatively open world, not on the scale of Skyrim, but still lot's to explore and the requisite available side missions. But the game at this point was $20 which included all of the DLC content.
Incidentally, since you mentioned Skyrim, I purchased the Special Edition version of Skryim for the PS4 at the same time as Horizon. It's been probably 3 or 4 years since I played it, and thought I might revisit it for kicks, while waiting for the Diablo II remaster to be released. I haven't played anything really since Witcher 3 came out, and was hankering for some console time.