It lacks some features of the B550 miniITX-boards (only 1x M.2, no USB-C, 1Gbit/s network and of course only PCIe 3.0), but depending on its price, it might be a pretty decent board. It could be especially a good choice for APU-builds with up to 3 displays.
First: how much do we expect the next gen GPUs to actually utilize the additional bandwidth provided by PCIe 4.0 to any noticable degree.
Second, if you're getting a budget motherboard, you're probably also getting a budget graphics card and SSD