Was that the intent? You're never really in danger since everything is just hold A and press forward until the next cutscene. I remember being freaked out because Nemesis was always around and would just bust through walls and chase you to the next room and open the door so you never felt safe.
Obviously it's a different style. And it's not always like that, infact the majority of encounters with him are fights.... And I thought the one where you hid in garbage cans was pretty tense. Maybe not on the level of RE3, but it wasn't terrible.