I forgot who it was, but I remember there was a video about a guy saying that open world games like GTA tend to be treated more as "playground" as opposed to being in an actual world. By no means it's anything negative, just that's how the game feels. I'll admit, GTA is a very fun playground to be in, and I also feel the same about MGSV, but there's really no "interactivity" with how the world functions. I was hoping in MGSV, you can take part in active battles between the Soviets and the Mujahadeen and affect the outcome like with some battles in MGSIV, but I was wrong.
In Shenmue, you don't affect the outcome, the circumstances of how and when you do it are largely affected. For example, there's a scene with Nozomi you can ONLY get until AFTER Christmas. In some instances, we probably beat the game before then. The thing about Shenmue is we almost always get something we've never seen before. Yes, you can do that with other games, but it's special with Shenmue based on how you progress. There aren't things you can get at any time.
When it comes to time with other games, I don't really feel it because it's of no influence on what you're doing. Yes, monsters come out at night in FFXV, but that's more of a novelty to force you to stay inside unless you really want to grind.