GA4 does have more capabilities and has a data model similar to that of product analytics tools allowing you to use it as one. However, purpose-built solutions like Mixpanel and Amplitude as well as Heap, Rakam, and Indicative are better suited to cater to your product analytics needs.
It might also be helpful to understand the fundamental difference between web analytics and product analytics.
Web analytics, as the name suggests, helps understand the sources from where people land on your website and how they navigate through the different pages.
Product analytics is an extension of web analytics and helps understand how users interact with your product. It tells you what actions or events users perform, or for that matter, don’t perform once they are inside your product.
In the context of product analytics, a product is typically a web application or a mobile app (Android or iOS), but can also be an IoT device.