I can only speak for the SNES version but "ehhhh". It pretty much has everything that I usually see in RPGs. Lots of interation with NPCs (some can become party memebers if you got the cash/nuyen), experience points (karma points), a stat leveling system, customizable equipment, some fantasy and scifi elements (typical in RPGs), a large world to explore somewhat freely, etc, etc. I can't think of anything that would make it not an RPG. To me it is 100% an action RPG. If the Sega version is anything like the SNES version (I know they're supposed to be pretty different) then it is def an RPG.
Side note: Shadowrun is dope.
EDIT: I just looked up the Sega CD version. It appears to be a turn-based RPG and looks really cool. I am now so disappointed that we didn't get it.
Guess I was wrong about that.
Also, all three Shadowrun 16 bit games are different games. If you disliked the SNES version, try the genesis one.