Butdefinitely a lower parts count (4 resistors versus 12 resistors and 4 transistors). Of course for a 4-digit display, it would depend on the GPIO pin being able to drive four segments at once, so high-efficiency displays might be needed. And I don't know whether any 7-segment library supports multiplexing by segment.

Howto Make 7 Segment Display Number 0 to 9 with ArduinoDownload Code:

Typesof Seven Segment Displays: According to the type of application, there are two types of configurations of seven-segment displays: common anode display and common cathode display. In common cathode seven segment displays, all the cathode connections of LED segments are connected together to logic 0 or ground. We
4digit multiple 7 segment display; arduino 4 digit 7 segment display counter with button; arduino 4 digits 7 segments led countdown timer with buzzer; arduino based countdown timer with setup buttons; arduino countdown timer code; arduino countdown timer minutes and seconds code; arduino new projects; arduino So for a 4-digit 7-segment display we need just 6 pins: clock, data and 4 common pins (each digit has its individual common pin). This topic shows how to build a simple digital counter using PIC16F887 microcontroller, common anode 7-segment display with 4 digits and 74HC595 shift register. 7Segment Display Working. Depending on the character you wish to display, you must illuminate the appropriate segment LEDs. To display the number 4, for example, four LED segments b, c, f, and g must be illuminated. Similarly, various digits from 0 to 9 and characters from A to F can be displayed on a 7-segment display, as shown below. BCODG. 338 173 114 459 258 10 22 264 217

arduino code 7 segment 4 digit led display count up