4.7s were the new generation Chrysler V8. Not based on the LA small block platform. Closest to the 273 (4.5) in terms of cubic inches. Not really comparable though. Hp/torque of a 318 Magnum may have been similar, but that's about it.
In our 4th gen 4.7's even different than a lot of the third generation years. 16 spark plugs, overhead cam, etc, it has all the upgrades that the early 2000s wanted. Gas mileage is similar to the 5.7, maybe a little better or worse depending on the setup, but not much. Still gotta move the same weight.
My 4.7 (330hp) 3.92 gear towed just fine a few weeks ago and it crossed the 200k odometer mark. No, it doesn't have a hemi hp and the higher torq. I don't pull a camp trailer either. For that I'd have bought a least a 2500 with a hemi or a cummins.
The tow/haul button is there for a reason, to maintain speed on the hills and mountains it towed a medium sized covered teailer fine.
Only 3-4mpg hit with the trailer on, loaded or not. Probably hauled about 3500 lbs back with me on that trip. IMO. If you want to max payload get a bigger truck.