I, too, have fond memories of OB64, and I’ve never seen anything else quite like it.
The Dragon Force games for Saturn sound somewhat similar, but I have never played them.
Another game that may be somewhat similar is Flamberge. Steam is having issues at the moment, but it’s on Itch, too, and the good news is that if you bought that crazy $5 bundle you have it in your library:
It might be abandonware at this point, though, like so many early access indie games.