A quick look at BBTI - Ballistics by the Inch :: .357 Mag Results will lead you to the conclusion that the 4" is a whole lot more effective, ballistically, although it is only 1" longer in the barrel.
Good point. And, that's a great site, I've had it in my favorites for years, and consulted it countless times.
This one from Luckygunner is also outstanding, this section covers both 38 and 357 ballistics....
https://www.luckygunner.com/labs/revolver-ballistics-test/