I’d say it depends on the rest of your fit, the 4th damage mod is roughly a 5% dps increase, for most pve ships I’d say that’s worth it. more dps is almost always better than anything else you can fit. However depending on the content you are running and the weapon system you are using you might want the extra range/application that a guidance enhancer can provide. Also it depends on your fit, are you using mid slots for guidance computers, or rigs for rigor/flare rigs? Also target painters are on a different stack so they can be very useful. Webs are also strong, but their ranges are somewhat short I typically don’t use them for pve.
It also depends on what activity you are doing, I think mostly about missions, and anoms for pve. for level 4s I would probably prioritize dps as there are mainly larger targets. With heavy class missiles application will be fine for most targets without doing much, just might want some precision/faction ammo for elite frigs and spider drones.
if you are blitzing lower level missions might want a bit more application, but honestly it’s probably going to be overkill either way. Then if you are fighting sleepers you will probably want to do something different, I can’t say either way there.