There was a sequel called Fade to Black. Not sure why it didn't seem to be as successful as the first game, and it hasn't been re-released on any platform other the Dreamcast in 2018 for some reason.
I remember as a kid I hated that they changed the perspective. I don't think I ever did play the game because if it. I've played Flashback at least a dozen times though.
i think Fade to black was a victim of early push into 3d which traded beautiful 2d backgrounds to blocky low-poly environments. I couldn't get into it and I too played through Flashback many times.