The chain wraps 1/2 way around the ring, so losing 4 teeth means 2 teeth or 1 inch less wrap. The wheel won't end up in exactly the same place because the upper and lower loops will me more horizontal allowing it to move back slightly.
Before you cut the chain, check by looping the chain and bringing both ends around the ring meeting at the front. That will tell you exactly how it'll play out, and you can safely make the cut.
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