Well... As a VR user, I can assure you that the rotating clouds/crosseyed effect problem is thankfully fixed, which is all it would take to make me a happy panda but !...
Volumetric clouds in SMP v5 do come with their own set of issues at the moment, which are to my eyes more disturbing than the "rotating clouds" effect I've gotten used to with v4 over time. See here and there if you want to get a rough idea and make an informed decision. Also the "clouds to the horizon" is not really a thing in VR yet. I have to keep my distance slider to the default 10000 I used before to keep similar performance, your mileage may vary depending on your GPU (I have a 1080Ti). To be fair, setting the slider to max does not impact performance nearly as much as it did before, but it does so enough that it's not suitable for me yet. Shadows do look awkward in VR. They "move" with head movements, which feels kinda similar to the rotating effect of v4 clouds so you'd want to have these disabled as well, as recommended by SMP's manual itself.
Currently you'd be trading rolling clouds for the occasional sea of milk or sharp-edged mountaintop showing through, until things hopefully get improved in the future, although it was hinted that a fix may come with a performance hit. Clouds do look and perform fine when they don't break though. They don't look great, but they're believable enough and have defined shapes and edges which is all I'd wish for. For now I'll test it a bit more to see what can be done to tune the performance and allow for longer viewing distances and maybe help the team with testing and feedback, but I may be rolling back to billboard clouds soon.