What are you using for the source of the video? Could be a limitation other than the graphics hardware.ASUS Tinker board is said to be playing 4k video smoothly but turned out to be overstated. Even much powerful SoC Firefly Fly RK3399 couldn't make it. Therefore, I wonder if pi 4 is capable to do it. Videocore 6 is not better than Mali-T860mp4.
4k H264 and H265.What are you using for the source of the video? Could be a limitation other than the graphics hardware.
I was thinking more along the lines of ethernet from a remote drive, or USB SSD or microSD card, etc ...4k H264 and H265.
Tinker board cannot play 4k at all and RK3399 is better but very laggy. I don't think Pi 4 can do it.