'More Space' Setting on 14" M4 MacBook Pro vs. 15" M3 MacBook Air

For context, I currently have a 13" MacBook Pro (Late 2015 model) and am looking to finally upgrade! I have good eyesight and like to maximise my screen real-estate by using the display resolution scaling 'More Space' option set to maximum.

I'd like a slightly larger screen, and I'm between two models - the newly released 14" M4 MacBook Pro or the 15" M3 MacBook Air.

Does anyone have any experience with these two models and know which display will have the most real-estate when using the 'More Space' option? It looks like the MBP has a higher resolution and PPI, but does the setting allow you to take advantage of this more so than the MBA?

Thanks in advance!