The formation is played with FIFA 23 Coins three CAMS, however the LAM/RAM operate as LM/RMs. So it plays much like a traditional 4-4-1-1 which allows you to play either wide or narrow.
In terms of defensively, the 4-2-3-1 formation is a compact formation. You'll have two holding CDMs that provide stability for defense, and the formation can be easily modified - by putting "balanced" or "get forward instructions on the CDM you can have the player be more aggressive or less so.
The formation sees a team defend in a 4-5-1 in which the CAM sits slightly deeper in comparison to other formations like the 4-4-2, hence why it is the preferred formation of many players who want to close out a game and still maintain an attack threat.
The 4-4-2 may be the most balanced formation available in FIFA 23. This strategy employs two strikers. It is somewhat more attacking than the 4-2-3-1, at the cost due to the absence of the CAM.
For players who are just beginning to learn about FIFA are often struggling with the 4-4-2, due to the absence of a CAM. However you can still use an CM to provide additional support to your attack.
Perhaps the only downside to this particular formation is that the two strikers are likely to stay forward, even with the instruction to 'come back on defence' which means you have to attack with four midfielders - or until you bring the striker back manually.
Although it is an extremely destructive formation for pressing on the field, some new players might prefer the 4-2-3-1 to close out a game and buy FUT 23 Coins the 4-4-2 when they're chasing the game.