You can disable fractional scaling (i.e. use integer scaling) and scale to 200%. That will be sharp, but possibly too large.
You can use fractional scaling, but only Wayland apps will be sharp. XWayland apps (which includes most Chromium or Electron-based webapps packaged as a standalone app, like Telegram) will be blurry. Some of them can be tweaked, though. See this:
Or you can increase the font size only, yes. And in those apps, which don’t follow the GNOME font configuration, configure it individually. It’s a lot of work, but might work well enough. This is a good starting point guide: https://wiki.archlinux.org/title/HiDPI
Just be aware that lots of older guides on the web assume X11 session, and it might work differently when running in a Wayland session.
I think the default experience is quite good with fractional scaling and the default Workstation apps. But once you start using third-party apps, it breaks apart, because their Wayland support is mostly not finished yet.
Great resource. I recently managed to buy a second monitor for my laptop and was pleasantly surprised when I found out it can do 3840x2160 when connected via HDMI. I started to write a cookbook for adjusting non GNOME apps. But this ArchWiki already has it better. I’ll add this one for gkrellm2 (very peculiar one). To make labels readable you just write desired font sizes in ~/.gkrellm2/theme_config
For legacy X apps You can put some things in ~/.Xresources.