The incorrect resolution is used on computers with 4k monitors that use DPI scaling (default 150%) because the default for UE projects is bAllowHighDPIInGameMode=False which results in SetProcessDpiAware() is not being called.
The workaround is to set bAllowHighDPIInGameMode=True
Expected
The correct 4k resolution is used
Actual
A lower resolution is used and upscaled with Windows upscaler
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-310825 in the post.