The last of Us wins easily. I love RE4, it is probably the best RE to date even if it was the beginning of RE parting away with its survival-horror element. The gameplay, camera, atmosphere, enemies, it all worked well for RE4.
TLoU also has all of this, but the story and dialogue is just soooo much better. It can be argued that the story in TLoU has a fair share of cliches in it but the execution was above any other story-driven game. It made you FEEL. Not to mention the world of the TLoU was much more vibrant and colorful than the bleak RE4.