Our Son was a Robins School of Business student. Business at Richmond is an overwhelmingly popular major, with nearly 40% of undergrads studying it. Richmond brought on the Dean of the SC Johnson School of Business at Cornell as their new college president in 2021. This was the same year they completed a multi-million dollar addition to the Robins building. Long story short, business is very much a focus at Richmond, and I agree with the previous comments as an academic peer with W&M.
You apply to the Jepson School of Leadership in your sophomore year. The criteria for acceptance are subjective, competitive but not overly so. The majority of Jepson students do a double major.
I can’t comment on W&M campus culture. Even though I would not call the student body at Richmond conservative overall, I believe you be very comfortable as a more conservative student on campus. Downtown is more like 20 minutes away, and you really need a car to get off campus. Carytown is an area under 10 minutes from campus by car filled with restaurants, shops, art galleries, and bars and is very popular with students. Our Son was probably in Carytown once a week and Downtown Richmond once.
Based on what you described in your OP, Richmond seems to be a good fit for what you are looking for, especially since it is a less costly option.