Both work in 2026. The difference is what happens on your profile. The grid crops every post to 3:4, which is narrower than 4:5, so a 4:5 photo loses a sliver from each side while a 3:4 photo is shown whole. In the feed the two look almost identical, with 3:4 a touch taller.
Choose 3:4 when the composition runs edge to edge (portraits with hair at the top of the frame, full-body shots, text near the edges). Choose 4:5 when you already have a library edited at that ratio and don't want to recrop; the loss in the grid is small.
If you shoot on a phone, 3:4 is the native sensor ratio, so exporting at 1080×1440 keeps the full frame with no cropping at all.