Yes, the V settings are a little overwhelming at first - but they are a bit reminiscent of the old Opera settings dialog, so they shouldn't be completely alien to anyone who's ever used the old Presto-based Opera. If you are a bit overwhelmed, and perhaps have never used old Opera, just go through them one-by-one. It's what I do with any new piece of software - Opera and Vivaldi included. It should only take a few minutes and you'll soon realise the settings are not that complicated after all. They're actually quite visible and logically-grouped. Want to change your search-engine preferences or disable 3rd party cookies? You can get to the right option in about 2 mouse-clicks.
I agree that separate "basic" and "advanced" settings pages would be great for preventing new users feeling overwhelmed, - as long as the "advanced" settings are never hidden-away/removed/dumbed-down.
Please persist with the Vivaldi settings page. You will eventually find what you are looking for and you will see that it is far more transparent than the Chrome settings page. I think the settings pages for Google Chrome are horrendous now - and Firefox is starting to go in the same direction. It's almost-impossible to navigate to simple and essential options now, as things get grouped-together, dumbed down, or placed under counterintuitive submenus of subsections. The power of Vivaldi lies in its customisability, and the transparent and readily-accessible options are a key part of that.
but they are a bit reminiscent of the old Opera settings dialog