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Pixel density is the specification most buyers skip past. A 27-inch 1440p panel lands near 109 pixels per inch; a 27-inch 4K panel of exactly the same physical size sits around 163 PPI. That gap is what you see in small text and thin lines, not in games. Desk depth changes the answer again, because pixel structure that is obvious at 50cm largely disappears at 80cm.
Refresh rate only earns its money when the machine behind it can keep up. Competitive shooters at 1080p run well past 240fps on modest hardware, while a heavy single-player title at 1440p on high settings can sit nearer 80fps on a mid-tier card. Buy for the frame rates your library actually produces, then allow a little headroom for the next upgrade.