So we know that RE4 is not a survival horror game like 1-3 were. "Survival" of course implies the scarcity, procurement, and expenditure of resources. In RE4 this element and its importance is somewhat negligible.
However, that's because its survival element relies on surviving combat itself through action gameplay rather than resource management.
RE4 is all about spatial awareness, threat assessment, proper positioning, and tactical engagement with enemies. Failure to uphold these skillsets will result in death.
I know there's the "Action Horror" term but I don't really think that properly conveys the survival element that still exists in the gameplay.
Personally instead of Action Horror I would still call it Survival Horror but with an emphasis on Action, so something like Action Survival Horror, like the Action RPG genre.