RnRC has always been a missed opportunity. Disney theme park attractions, at their best, immerse you into a believable fiction (or else are so charming or creative that they make up for their unbelievability, e.g., Splash Mountain).
RnRC sets things up as if it's going to provide full-on realistic immersion (with the detailed "record company" queue, etc), and then suddenly you're looking at an obvious roller coaster train minimally dressed up like a "limo," sitting on a clearly-visible track, which then proceeds past cartoon images on flat surfaces.
That's why I think, despite its lower budget and the confusing/short pre-show, the ride portion of Paris's RnRC was far superior. It was a "concept roller coaster" co-developed by Aerosmith, with the music timed to a rock-concert-inspired light show.
Honestly, if they redesigned this with Paris's interior, swapped out the "back alley" for something that doesn't break the immersion (e.g., even just a station that's part of the record company building, with the premise that "you're boarding new concept roller coaster developed by this record company"), and put in any reasonably good band, that would be a major upgrade.
Sure, I would rather have something more creative than "this is a roller coaster," but I think it would be a vast improvement over "pretend this is a limo, and these 2D cartoon images are Los Angeles."