The clear limitation with your existing Mac is lack of storage space, which also happens to be the most popular purchase regret.
Editing 4K video is going to be a resource-demanding task, and Adobe products are notorious enormous hogs. That demands a significant amount of memory, and it's my personal opinion 24 GB should be adequate. Of course you can specify more.
Whether you choose a MacBook Pro or a MacBook Air, purchase as much internal storage as you can reasonably afford. Consider 1 TB to be an absolute, bottom line minimum, and 2 TB to be adequate.
Whatever you do, don't under-specify your Mac. Either way the M4 should be fine, but the M4 Pro or the M4 Max will be better. If you should ever have a need to work with 8K video you will want the latter options.
Get Apple's opinion by starting with Apple Store Online - Apple then find the "contact a specialist" link. You can chat, call, or video with them. They don't work on commission but will probably steer you toward the MacBook Pro and I don't disagree with that. They want you to be happy with your purchase decision.