Steam version (Deluxe version) works. It's not protected by Steam DRM so you can directly run it without installing Steam first.
Music does not work and errors during the game will make the game unplayable (errors on the main menu doesn't affect much). You'll need to turn off music in in-game settings.
The game is old so you might need the Windowed SE4 Tool (at the bottom of the 3rd page) to make it playable on large displays. You might need to tweak the .ahk script as well; I can't seem to run the .exe version and had to modify the .ahk directly and run it through AHK.
The game might stop working after playing for a while especially during tactical battles with logs like this:
Se4.exe(36742,0x1140cadc0) malloc: *** set a breakpoint in malloc_error_break to debug
Se4.exe(36742,0x1140cadc0) malloc: can't allocate region
:*** mach_vm_map(size=53358592, flags: 180) failed (error code=3)so it's recommended to turn on the auto save or save often manually.