One thing to keep in mind with these projects is you will probably treat each song the same for processing.
As in you get Bass track on song 1 sounding perfect so now you'll apply this to all 4 songs. If you seperate the songs all you can do now Is save pre sets or use track templates and have to drag the audio around. So there's a benifit in keeping them as one project as far as that aspect goes. Once song 1 sounds good, the rest will be good too.
It's why some of us long for the ability to overlay a "mixer" snap shot like when you use an outboard one.
I have done a lot of live band recordings and find I will record a whole set as one project and then treat it globally.
Only differances from song to song might be swapped out guitars and the keyboard patches ( I record this to midi)
The guitars I will cut paste to a different track if it needs something different in the bin. So I might end up with making the original one guitar track into a few and use automation to sort that out.
But drums, bass and vocals pretty much stay static.
So I'll export as one big long song and then top and tail into the 12 or so songs in Wave Lab. This for me speeds things up.