The advantage of 4-point over 3-point relates to lateral stability - it allows a greater freedom of the centre of gravity placement compared to 3-point. This is the achilles heel of 3-point, where, depending on the where the single beam is in the loco and its relationship to the CofG, locos can become unstable in the roll plane. Viz the preproduction version of Chris Gibbon's 0-4-2T, which fell off on curves, as predicted, and he redesigned it.
As Chaz notes, natural axle to bearing clearances and the relatively small vertical axle movements allows 4-point to work well, even if the bearings are secured solidly in their beam (as in this case). In 7mm, the approx 5x loco weight compared to 4mm does help a bit in flexing the beams if they are thin, but I don't regard such flexing as an essential.
In the general case, I feel a 4-point strategy is definitely superior to a 3-point one.
P.S. 40:1 feels a bit fast to me for a loco that probably never exceeded 20mph. A larger slower motor might be the solution?