No way. RE4's village is more difficult than the Executioner and his horde. I wish there were exploding barrels and electrified transformers in the village. Hell, it'd be nice if you could spook the cow to kick a few villagers. Though the chainsaw guy in RE4 doesn't show if you don't run in the houses so it doesn't have to be 'as' hard as it could be. I'd also like to start the game with weapons I picked up in later levels without taking the first play-thru all the way to the end.
I'm also pretty sure RE4's timer doesn't start till you wipe out the first wave, while you just have to survive a set time limit in RE5.
Anyway, no, the levels do not mirror each other. More like homages
Though dissapointingly no combining jewels with goblets to make a super lion-goblet with a blazing sword. Upgrading and selling items is tons easier, without the charm of the weapon dealer. Its a give and take with the end result more on the tilt of Gears of War and less Resident Evil.