That worked because of the 5 at the back not the 4 at the back. In the Euros we lost on pens we played a 5 at the back. Maguire, Walker, Stones CBs, Trippier on the right and Shaw on the left. Maguire is a liability with 4 at the back. We also didn't have the attacking talent back then that we have now (with Palmer, Gordon, Eze, Bowen). We had a choice of Sterling, Rashford, Grealish and Saka. 3 of those players now can't even make this team and we've added more depth and danger in those areas.
We also have better ball playing midfielders now with that bum Phillips nowhere near the team and the additions of Bellingham/Gallagher/Mainoo/Wharton. We have the perfect team for a dominant 4-3-3, we have the best full back in the world at cleaning up opposition counters (Walker). Just because the manager can't find the right balance or know how to coach a dominant style and position the players properly doesn't mean we can't do it.
I also disagree with playing Foden centrally, there's a reason Pep plays him mainly on the wings (unless City have injury problems). He always looks terrible for England when he's number 10 and should either play wide or not at all.
At the end of the day the majority of our best players are in attack and finding a formation to limit that threat is ridiculous. We need to get rid of Southgate and find a manager that can coach a dominant 4-3-3.