Zen 4 may be more recent than The Steam Deck's Zen 2 cores, but a lot of the performance improvements between these chips are not as prevalent as one might think...
Zen 2 to Zen 3 : a lot of the performance gains came from Zen 3's ability to use 8-core CCX, where Zen 2 was limited to 4-core CCX. Thing is, the Steam Deck uses a 4-core processor, so this limitation doesn't apply.
Zen 3 to Zen 4 : mainly, support for DDR5. Thing is, AMD mixed their chips in a way that allows them to use Zen 2 and Zen 3 cores with DDR5.
Yes, Zen 4 includes more cache, AES-512 support, and this new processor has double the number of cores. Also, it comes in a smaller engraving.
But it's not enough to jugulate the huge amount of extra power all this hardware entails, and on such a restricted environment only to play games, it's a pain.
It would be interesting to compare the two again, but with the Ally running with 4 cores parked - power to performance ratio may be quite a bit better.