The theming take was mostly for Hagrid's, but Velocicoaster is definitely better themed than at least Barnstormer, Tron, Slinky, RnRc, and maybe even Space and CR, since their theming is mostly projections on flat surfaces, and CR has a large unappealing showbuilding that's very visible inside the park. The queue and rockwork help VC a great deal, along with the layout itself being placed in a way that makes it look visually striking from where it can be seen in the park.
Hagrid's only weak point is it's non-diegetic track, which is already low to the ground and painted brown to not visually spoil it's surrounding area. Everything else is themed incredibly well, and is maybe bested by only Everest and BTMRR, both of which still have significantly less effects (working at least,) and don't offer as fun of an experience with a complete story.