If they were going to have Loki set up the multiverse, then I would have had Spiderman and Dr Strange be the first two films of phase 4 especially considering set photos have shown both characters showing up in each others films. Spiderman and Shang-Chi are associated in the comics, so I would have had him show up in Spiderman as well to introduce him to the audience before giving him the solo film.
So essentially you'd be having followups to the cliffhangers of Loki while also setting the stage for Shang-Chi and The Eternals, which should come after the groundwork is laid.
A major problem I think that they're going to run into is that they are running the risk of casuals tuning out at some point by splitting multi-verse content through Disney Plus and theaters. They run the risk of it being too convoluted or much to keep up with for the average fan to know what's going on. They need Disney Plus to be a succeed especially because of COVID-19 so I could see why they moved more well known properties to that form of media.
More importantly, I think they're about to run into a problem of where they don't have a face of the Avengers or Phase 4 anymore now that Boseman is gone
Captain Marvel isn't it. Doctor Strange isn't either and Spiderman (who it should be) has issues between Disney/Sony to make it work.