I assume PCIe 4.0 will support the next-generation of Thunderbolt?
If you specifically mean "without going over 4 lanes", then that's probably true.
A theoretical Thunderbolt 4 that's twice as fast could easily be fed with a PCIe 3 connection. It could even be fed with a PCIe 2 connection!
I had always thought Thunderbolt was essentially "external PCIe".