This is... exactly what I was looking for. I was a huge fan of the Dynamix "Aces" series (think Windows 3.1 and 1991!), but never found anything else that was procedurally generated. Much less what I wanted because I wanted homing missiles, better graphics, etc.

Now I have it "acquire"!

Now, I got this here so I could get some stuff from the Workshop, I would recommend some weapon packs and the Zhenya fighter mod (forward swept wings, basically let's you have any weapon combination you wish, and flies 50% faster than other aircraft IF you accelerate - 150% faster with a booster so you can outrun missiles!)

It's a nice-to-have.

Also, the universe is apparently loosely based on Metal Gear, because... well, you'll see. Get to Level 15 or so on the story mode. And beware that the boss has MULTIPLE FORMS! First time I "beat" it, it transformed and hit me with a death ray...

Tips:
Make sure you save up money and ONLY spend on upgrading your aircraft and PREFERRED weapons.

Long range is king, generally,

Dogfighting is a lot easier with the all-aspect/360 degree aspect missiles (can lock onto enemies even behind you, and yes, such things actually exist in real life)

The deployable drones are gimmicky, they don't work very well. But they didn't work AT ALL in past versions and it's satisfying to see them take down an enemy!

Boost is best item

You can land BEFORE completing the assigned mission to restock flares/drones/limited special ammo weapons (all missiles, bombs, and guns are unlimited ammo, very arcadey and fun). You can even switch airplanes from anti-air to multi-role or ground attack to clean up the last few ground enemies after stripping air defense! Landing AFTER mission complete ends the level. Landing to restock before mission completion costs money!

Your money is your score

Hold Spacebar to auto-look at your current target quickly from any angle

Level biome changes ever 4 levels

After beating the boss you get a homing laser machine gun for your aircraft, capable of attacking both air and land/sea targets. You may also unlock a couple of new fighters, I don't remember.

Missiles are dumb or smart. Smart (homing) weapons EITHER attack air OR land targets, not both - only exception is the unlockable homing laser.