I have been running a Minecraft server on a Raspberry Pi 4 for my friends and I for a while so I may be able to provide some input. PaperMC is the only way I could get the Pi to run Minecraft while having an acceptable player experience.

I have to keep the world files on an external SSD though as the SD card is simply to slow and becomes a bottle neck. I also had to change some of Minecrafts settings as well to reduce CPU strain (disable spawn chunks, reduce render distance, etc). I also overclocked the Pi's CPU to 2 Gigahertz. It actually works out really nicely and I recommend you give it a try if you are interested. You are going to want to use a 64bit os like Ubuntu though in order to avoid a 32bit OS' max memory process allocation limit of 2 gigs, Minecraft is very ram hungry.