In response to the questions:

• Didn't use the setting, but I imagine a lot of characters will still be wearing very few clothes, just covering up/censoring any boobs or genitals. Game feels pretty male-gazey in general.
• Combat and looting is like 90% of the game
• Can't answer
• Used a mod to let me cheat and add in infinite money to buy all the iconic weapons I'd missed at the shop that was added in the DLC. Oh, also the really expensive cars. It worked, no complaints.
• Not really. The story and writing are incredibly weak, which means it relies on its moment to moment gameplay, which becomes quite formulaic and stale after you've progressed a decent way into the game and your build has solidified. The way the systems work mean that the gameplay gets easier as you progress, too, which results in the final boss fight being easier than some random scrap with scrubs 20 minutes into the game.

I'd say it's not worth it. And I say this as someone who has beaten it three times (at launch, after the anime came out, after the DLC came out and "fixed" (it didn't) things).