The short answer is yes. A 4-inch filter will last longer and provide better air quality for your home. The reason media filters work better is because they have more surface area. These 4-inch multimedia filters can have between 20 and 30 feet of surface area with their pleated (accordion) filter material.
This means that they can trap more dirt without clogging as quickly. To put that in perspective, a 1-inch air filter may need to be changed every month, while a 4-inch air filter could last up to six months. For comparison, a 4-inch thick filter will have approximately twice as many surface areas as a 2-inch thick filter. Reducing the thickness by one inch shouldn't be a big problem; for example, you should be able to use a 4-inch filter instead of a 5-inch filter.
Let's get straight to the point: the 4-inch oven filter will provide you with better indoor air quality. Most HVAC technicians recommend changing 1-inch air filters every 30 days, while 4-inch filters can be changed every 3 to 6 months. That said, you could save more money with a 4-inch oven filter, since you won't have to change it as often. For example, since you'll be replacing 1-inch filters with a MERV height more frequently than 4-inch filters (see the maintenance section above), you could save money with a 4-inch filter, depending on the MERV you get.
Opting for a 4-inch filter would mean that you would have a filter with at least a MERV 8 rating, which would remove contaminants down to 3 microns (a unit of measurement), including dust mites and some types of pollen. If you try to use a 4-inch thick air filter for a system that is made for a 1-inch thick filter, the efficiency will actually be worse. However, you should know that by inserting a 4-inch filter into a system designed for a 1-inch oven filter, the efficiency of the filter will be damaged and will also affect the furnace system. So, if it fits your oven, then a 4-inch air filter is better than a 1-inch air filter for improving air quality.
But what if your oven's air filter compartment is only 3 inches thick? In that case, the 1-inch oven filter is the better choice compared to the 4-inch filter, however, a 3-inch thick air filter is the best choice. With that said, the 4-inch MERV filter will definitely improve the air quality inside your home.