I am not sure the fourth is one of the best short holes in the world and I agree Colt has better par 3s on lesser courses. That said, once again, not having an option to run the ball up is a valid architectural decision. In essence, Colt more or less codified the concept of the plateau par 3 which isn't designed for a run in even if there is a gap to try the shot. Often times the run in is fool's gold.
Ciao