Parlays at true odds and if bets have a different function so far as I can see.
A 4 team parlay generates large overall odds and allows a big hit for a small investment.
If bets, provided I understand them correctly, return your winnings while replaying your stake on a subsequent game. I'm not sure if you can structure if bets on 4 games so that if all win you have 4X stake on every game. Perhaps someone can answer that. So if bets allow extra bang for your stake money.
I calculate a 4 team parlay (-110) at true odds returns $5844.66 for $440 while $110 if bets placed on each team ($440 total) returns $2040.
I would also like to hear more from experienced if bettors.