Sky Target has a whole different gameplay. It has more in common with After Burner, Panzer Dragoon and StarFox than with Ace Combat.
It's a on-the-rails shooter, whereas Ace Combat and Wing Arms are dogfighting-based shooters, where you can fly wherever you want in the map, and need to pursue enemies and stuff.
Now I recall another game: Darklight Conflict. I never got my hands in the Saturn version (I heard the graphics are impressive), but it plays the same way: thrust the ship, turn around enemies, get in their tails, shot them, move onto next.
Darklight Conflict has a Saturn release to, and it looks fantastic with all transcluencies and light effects exactly as good as on the PS. Also, you might want to try Independence Day for Saturn. The game is ok, but it has some problems. The two player splitscreen mode is very fun though.
anyway, yeah CHAZ, I do... regular top-down one-lone-hero-vs-the-mighty-enemy-forces shooters on one hand... and the let's-be-cute-little-planes-and-circle-around-each-other-while-never-losing-control-of-the-plane-even-in-endless-loops kind of game... Gotcha.