Gear 5 isn't haki based, it is purely DF shenanigans.
While Gear 4 is haki based, and relies on overusing armament haki to maintain that form
But yea, I mostly agree on the rest.
The attack on Kizaru is likely the G5 version of red roc. Probably a higher end attack, but his G4 variants are bound to be stronger.
A draw arguably, but Luffy comes off looking better.
Maybe Kizaru would've fared better if not for distraction with Vegapunk and had he fully focused.