The story, characters, moments, and soundtrack improve in Ys IV - Mask of the Sun, and introduce better realized mechanics alongside quality-of-life improvements such as fast travel, that helps make progress slightly less of a slog.
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Killer soundtrack as standard for the series, and the fast travel improvements are nice, but this felt like a pretty bland iteration on the Ys 1 & 2 formula. The original Ys III may not have been great, but it felt like it was trying something new. Even for the standards of the day, this feels like kind of a weak release. Hell, I regularly forgot that magic was even a thing, when it was a core mechanic in Ys 2, so it's even a step back by the standards of its own predecessor.