One for all and all for one 5

Are teams with 4 players more balanced than teams with 5? Explain.

So, you removed the explanation from the quoted text.))

The point is that with an even number of participants, the captains are in equal conditions – the "last captain" (A) picks from two pools first, while the "first captain" (B) picks from only one pool first. Based on this, hypothetically, in a draft with 4 players per team, the situation should unfold as follows, where the captain with fewer votes starts:
Player 1: B > A
Player 2: A > B
Player 3: B > A
Player 4: A > B
This makes the draft look more balanced than in the case of adding another participant.