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Feels more like an upgrade than a sequel, but it's still fun

If you enjoyed the last instalment then it's likely you'll find enough to enjoy in Dungeons 4. The formula is more or less the same, with a few UI changes that may or may not sit well with you.
Gameplay
For anyone who hasn't played a Dungeons game before, there's still a lot here to enjoy. The game is a neat hybrid between Warcraft 3 and Dungeon Keeper. Despite the comparison, I wouldn't say the game manages to capture the depth of either of those titles, and most missions can be boiled down to maxing out the Undead unit tree and watching the chaos that unfolds afterwards. That's not to say that the gameplay is mindless; it's far from it. But if you're looking for complex strategy, then you won't find it here. At times, it feels more like a tower defence game than a traditional RTS. That isn't inherently a bad thing, but it's worth mentioning.
Each game is split between two types of maps. An Overworld and the Dungeon layer. The former being played as an RTS, while the latter focuses on base building. The combination works without feeling completely disjointed, however, being only able to control creatures directly in the Overworld only can be jarring at times. It would have been nice if the developers focused on standardising the controls between the two.
Performance, Graphics & Settings
The graphics are nice, and clearly an upgrade from the last instalment, but the performance is okay at best. The game seems pretty taxing on the CPU, and busier maps can drop into the 30's depending on your setup/resolution used. I also suspect the game doesn't take advantage of shader caching, so expect a few stutters when loading assets/visual effects for the first time.
The graphical settings are also lacking. Textures, Shadows, LOD etc are all missing from the in-game menu. Instead, you only have a few options to change post processing options so as AO and Bloom, which matter little in terms of scraping back performance. This isn't something that should be acceptable on a PC release, and I hope the devs can implement more options in a later patch.
Writing and Story
Arguably the most chalk and cheese talking point of the game is the writing and the humour. I have a guilty pleasure for goofy jokes, so I found myself smiling at a couple of the jokes. That being said, some of the lines are shamelessly eye-roll inducing, and are likely to be a complete turn off for a lot of players. The jokes are mostly self-aware, so I'd make the case that the writing isn't trying to be anything more than it already is.
This seems to be a real deal-breaking sticking point for a lot of players, so I really recommend doing some research first before spending money. At the very least, the game is on Game Pass (as of writing), so you can at least try it out there first.
I'd recommend watching a few videos online to figure out if the writing is for you. While the narrator can be dialled down in the settings, it's impossible to play the majority of the game without the best of the one-liners and dialogue being a part of it.

Conclusion

If you're looking for a modern take on the Dungeon Keeper series, then this is it. If newer graphics aren't all that important to you, I'd recommend picking up Dungeons 3 instead. The gameplay is more or less the same, and you'll be able to pick it up for a lot cheaper, including all of the DLC's.
If you've come from Dungeons 3 already, then I think you'll have a decent enough time in the follow-up. There aren't enough changes for me to recommend picking this up at full price, but there's enough content to play through, at least.
That being said, if you're looking for a pure Dungeon Keeper experience without the hybrid RTS stuff, then I'd recommend checking out KeeperFX. It's an opensource fan remake of the OG game, and features a ton of bugfixes and QoL features, so it's worth looking into.
If you're a score kind of person, then I'll include one below
7/10