I am happy enough with the 5e cosmology.
5e keeps the 4e spirit worlds of Fey and Shadow, which is awesome, but also brings back the 1e elemental spirit world of Ethereal.
The "shallow ethereal" is the ethereal physical forces that are part of the material plane. There the spirits of both Fey and Shadow can manifest.
It is notable that the elemental planes of earth, water, air, and fire are immaterial and not part of the material plane. I understand these as the "form" of matter, but not actually matter itself. Essentially, they are the building blocks that form and shape the elements of the material plane.
I am less a fan of the alignment Wheel. I find its grid-filling symmetry problematic, as well as how it distorts reallife cultural heritages. Plus, I find the Wheel is highly disruptive to gameplay, because of how its baked-in religions interfere with with the unique settings that exist in the multiverse. Even so, it is easy enough to treat the astral plane as a virtual reality where each culture generates its own astral domain of cultural concepts, ideals, and taboos. So, these fluid domains that comprise paradigms that come and go while cultures evolve, are more like the 4e astral sea.
The 5e astral plane is a dreamlike realm of pure thought. Things are "near" each other when they remind one of each other.
One can navigate the astral plane by jumping from paradigm to paradigm that somehow relate to each other. So a symbol of archetypal Good in one culture might link a party to the symbol of archetypal Good in an other culture. So there can be defacto alignment Wheel in the sense of using alignment affinity to navigate the realms of thought. But it is more important that each astral domain is authentic to the cultural constructs of a particular culture in a particular setting, while relativistically declaring the astral domains of other cultures irrelevant or even fundamentally nonexistent, from the perspective of a particular culture. The myths of cultures can contradict each other. Because of the nature of reality and how language constructs it, each cultural belief system can be fundamentally "true" from its own perspective. Even so, cultures evolve and therefore astral domains evolve with them in parallel.
For me a "culture" can be as large as a nation of hudreds of millions of citizens, to as small as ten persons who share a comprehensive way of life.
Astral domains that emerge from populous cultures tend to also include "demi domains" sotospeak of the subcultures within it. An immigrant subculture can construct a demidomain that relativistically "borders" two different populous astral domains.