It is very likely that the Sony A7R IV sensor 'full frame' sensor is closely related to the APS-C sensor that you can find in the Fujifilm X-T3 and X-T30 (albeit Fujifilm's version has been 'personalized', including a different color filters arrangement (X-Trans)) and that you
may find in a
potential future Sony APS-C camera.
So, yes, from a sensor perspective the Sony A7R IV should perform as well as its most recent APS-C pars. If you plan to use the very same lens on your 'full frame' and your APS-C body, that might be a good substitute.
That said, I don't think it completely replaces a dedicated APS-C system yet. APS-C lenses are designed with different requirements and most recent APS-C cameras (Fujifilm and maybe Sony soon) still has an edge in terms of speed. For how long? that's another story...