Is it possible to have different zoom for each display for dual-display configuration?

This should do the trick. Replace $YOUR_4K_SCREEN with the name of your output. You can play with the scaling factor until it's comfortable for you.

xrandr --output $YOUR_4K_SCREEN --scale 0.5x0.5

If anyone knows how to make this persist let us know.

If you encounter overlapping issue on second monitor use arandr to set screen position

sudo apt install arandr