I'm talking about more then just the remaster. On a fundamental level the effects of TNG can hold up today. Babylon 5 can't. This is for both the space effects and the technology effects in the space ships themselves.
The LCAR interface still looks modern and it's way better than the babylon 5 CRT screens.
You can still see the CRTs behind LCARS, but I have to admit it is pretty cool in general. They had a bigger budget.
But for space scenes, IMO the later episodes of B5 were amazing and beautiful. They just need a modern render and to turn down the saturation. TNG era ships and camera framing were much more boring, partly due to the smaller story.