Hi
Account based COPA has greatly been enhanced in S/4 HANA. However, the complete functionality of costing based COPA still very much exists in S/4 HANA. You can still continue to use S/4 HANA without using Account Based COPA. The decision of what form of COPA you want to use essentially depends on the business use case that you need from COPA. For eg, you mentioned using Sales Order to capture costs and than you might probably settle at month end. If you are into services, say for Automotive servicing, where the usage of cost objects like Sales Order or project is highly likely I would still go for costing based COPA rather than Account based COPA since the reporting granuility for this kind of business is still not available with Account based COPA. Ultimately, it is your business use case for COPA which should drive your decision. You can also refer to one of my documents which talks about new functionalities in Account based COPA in S/4 HANA Finance.
Account Based COPA - Simplification with Simple Finance
Regards
Sanil Bhandari