AAC is MP3's better-trained successor: cleaner sound from the same number of bits. It was born in 1997, an MPEG all-star team: Fraunhofer, Dolby, Sony, AT&T and Nokia, and its real weak spot is older or stubborn hardware that only ever learned MP3.
MP4 is the world's default video: the file that plays before anyone has to think about it. A container, most often carrying H.264 or H.265 video with AAC audio. That makes it the right destination when what you need is playing everywhere: browsers, phones, TVs, editors, slide decks.