I never cared for station wagons Since the Bora is basically the same as the Golf but it's a sedan, that's why I like it. What are "all the things that make Golf good" that you're talking about?
Golf's have been at the top of the hatch tree since the Mk1.
Prized for their build quality, peppy performance, good handling, high fun factor.
Things went rapidly downhill with the Mk III; a big fat, stupid evolution of the Golf, which was no fun to drive and not even screwed together well.
The only good thing to come out of it was the unique VR6 engine, a real gem of an engine.
MkIV recovered the fine build but were plodding to drive, the base GTI was so slow it was out-dragged by the diesel.
It wasn't until the MkV that the Golf regained its position as the premium hatch, particularly the GTI model.
Bora/Jettas(same car) versions were toned down Golfs for the more conservative driver.
Even with similar specs they didn't have the verve of the hatch.
The performance is duller, handling less resolved and less involving.
The VR6 also seemed more docile in this application.
Not sure what version your proposed car has but the VR6 came in 3 flavours; 12 valve with 128/130kW and 24V 150kW.
As you surmised the 4Motion system is not as effective as Subaru's permanent AWD.
4Motion was an early Haldex part-time system that was basically FWD until the drive wheels lost traction then it would send drive to the rear. Thanks to limited technology at the time, it was slow to react.
Still it's a lot of car for the money but not one I would find particularly pleasurable to drive.