While most par 4's I play are not this long, many I play do offer the same types penalties. I have to agree with @iacas and go for the green knowing that I "may" have to play out a third from a bunker or rough. For example, today on #11 at the course I was playing I had to decide similarly how to play it. The hole is guarded on both sides at the front by bunkers and several knobs in the back. I chose to go 3h instead of laying up as I am reasonably comfortable with where the ball goes and if it doesn't go well, I am okay hitting from green side bunkers.
Risk vs reward - where is the most to be gained? For me, the hole did not play out as I planned as the 2nd was in heavy rough and the hybrid landed about 40yds short. PW onto the green for a 2-putt bogie. Would I play it that way again, why yes.
Day 86 (21 Sep 21) - Played 18 today. Some of the most consistent ball striking across the board - from irons to woods to driver. Worked on keeping my pre-shot routine consistent (even adopted it for my chips/pitches in the yard), to do the same thing on every shot of every hole. Also spent a couple of $ for a small bucket (22) of range balls before getting started. Again - not rifling through in 2 minutes but rather about 20 minutes of warm-up work. Really like doing that as I get a feel for the shot shape that is happening that day. Also it inspires confidence in how the ball should fly.
Home course has a 370-yard par 4 with a landing area about 20 feet above tee box. If I push or pull a drive, I can end up in a similar situation in light rough.
This particular green has four distinct nodes to it, so from even closer in "hitting to center" is not a sound option. (Hitting the wrong node and three-putting is enraging.)
But from 190 yards out... depends on how your day is going. If hybrid have been flying smoothly, go for it. If not, lay up short and chip on.
Also, what does terrain look like in "long miss" zone? In the courses I play, some greens are set inside a horseshoe, or mini-amphitheater. This means a miss - long or side - can leave you with a downhill angle pitch or chip out of shaggy turf.