The formation uses three CAMS. However FIFA 23 coins, the LAM/RAM function as LM/RMs, so it plays like a 4-4-1-1 which allows you to play wide or narrow.
In defense, the 4-2-3-1 can be extremely compact. You have two holding CDMs which can provide defensive stability, and the configuration can be easily altered by using "balanced" or "get forward instructions on a CDM you could make your player more aggressive or less.
The formation has teams defend with a 4-5-1 formation, with the CAM sitting slightly higher than other formations such as the 4-4-2. This explains why it is the preferred formation for players looking to win a match, while still retaining an attack threat.
The 4-4-2 may be the most balanced configuration in FIFA 23. The tactical strategy employs two strikers, which makes it somewhat more attacking than 4-2-3-1 but at the expense that it is not equipped with an camera.
New players to FIFA typically struggle with the 4-4-2, due to the lack of a CAM. However, you can always initiate an CM to provide extra help to the attacking.
The main issue with this formation is the fact that the two strikers typically remain forward, even when given the instruction to "come back on defence', this basically means that you must be defensive with four midfielders - in the event that you need to bring an attacker back manually buy FUT 23 coins.