If you need disk performance on the Pi 4, wouldn't it make more sense to only keep the kernel,initrd on the sdcard and mount the primary filesystem off a USB3 device (like an mSATA-2-USB enclosure), that is if you have the space to spare for it in your project/enclosure?
I did something similar with one of the SolidRun devices, but I had to scuttle it due to other hardware problems: