The First 3 phases had a pretty solid underlying arc and nothing about Phase 4 gets close that. The only stand out element has been Spider Man - No Way Home.
I'm not sure I fully agree.
It wasn't until the post credits scene of the
8th movie in the series (Thor: Dark World), during Phase 2, that "infinity stones" were even mentioned, and really it was Guardians of the Galaxy that had to do a bit of heavy lifting with regards to properly introducing Thanos and showing us all the stones.
If you consider Black Widow the start of Phase 4, then we're currently on film number 6 and Wakanda Forever will be the 7th movie. I'm guessing it's going to be the post credits sting of that, leading in to Ant-man and the Wasp: Quantumania where the 'Multiverse' stuff will really start kicking off (Since Kang the Conqueror is actually a main character in that movie)
But in Phase 4:
Loki introduced the multiverse
Spider-man followed it up somewhat, but all set in the MCU we know.
Dr. Strange actually went to some different universes.
So in many ways, we're further ahead now in terms of the overall arc, than we were at this stage in the 'Infinity Saga'