If I had it to do over, I would have bought the collet chuck. I never even use my 4 jaw, don't even know why I bought it, just sits on the shelf collecting dust. Pretty expensive paperweight........
If you learn how to use it, you will find it is a lot more useful than the collet chuck. If I had to give up all of my chucks except one I would keep the 4 jaw chuck. If I could keep 2 chucks, my number 2 choice would be the drill chuck. As useful as the collet chucks are it would come in third place.
30 years ago, any of these chucks were a rare thing in a woodturners shop. First came the drill chucks, then the 4 jaws. The first 4 jaws were converted metal lathe chucks, high dollar and out of the price range of most woodturners, besides they really were not worth what they were priced.
Marvin