Imo the formation is very effective, but the midfield would seem to get outran.
It's still a nice team, but this is what I'd recommend:
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All players are also considered "meta".
Navas: Overall a good keeper (which is rare in FIFA) that also has the Long Throw trait.
Alaba: Very quick, with great well rounded stats.
Ramos & Varane: Both tall, quick, great defending and physicality.
Carvajal: Quick, great defending and physical with decent dribbling too.
Vidal: Midfield general. He's your box-to-box with an amazingly well rounded card.
Rijkaard: Defensive midfielder with great stats for his respected role.
Asensio: Very good attacking midfielder which I use in my main team as a sub. Great dribbling & passing with good pace and shooting.
Sanchez: Also use this guy in my main team as he is just incredible, everything you need on a forward.
Firminho: Actually a sick ST to use, with great dribbling and shooting. Good pace, passing, and physicality.
Willian: Rapid, with great dribbling and good shooting.