Is HOI 4 still a Hearts of Iron.

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HOI4 at its core is actually a pretty good HOI game (coming from someone who started their Paradox "career" with HOI1).

The supply system is a pretty good balance between an abstract system and the HOI3 logistic nightmare. Could use some final touches (like actually showing current stockpiled unit supply instead of just using supply grace), but overall it works rather well.

Combined arms (including air units) is, for the very first time in any HOI game, working properly - and so is towed AA for units.

The production system with gearing and factory assignments is great. All we need is a bit of basic attrition to prevent armies from bloating too much past '40 and we are good.

...there are shortcomings and lots of issues, no doubt. But it most certainly is a HOI game.

 

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I have to disagree, the way Control Of Incoming edge provinces supply cap works is stupid. You can go from being able to support 10 Divisions in one province to 4 in the next. So in other words the enemy has an advantage because it controls more of a "supply state"[...]

Yes, that is a problem. I'd assume there are two ways to fix it:
(1) Increasing supply throughput from adjacency (so supply rate is depending more on supply lanes than basic local supply).
(2) Unit based supply capacity (so that units are not affected that easily by lack of supply when not fighting "proper" battles).

However, there is also an existing issue related to the shape of some of the supply regions, where throughput gets messed up due to adjancency control calculations. But that is reported and should hopefully be fixed at some point (and thus ease the problem in some areas).

Either way, at least HOI4 doesn't have to "cheat" by adding 99999 supply to Manchuria.

The HOI3 stacking penalty does still exist in HOI4, but given that everyone uses 20+ sized divisions, it is quite rare to actually trigger it.