Comparing the $599 14 to a possible $429 to $488 SE 4, isn't a 1 for 1 comparison, as SE 3 starts at 64 Gb and 14 starts at 128 Gb.
If you compared the the same capacity of each with 128 Gb, the SE increases to $479 vs 14's $599.
With the big upgrade to SE, I'd bet we see the starting price increase to least $479 for 64 Gb, and $529 for a 128 Gb, meaning it will only be $70 cheaper than 14 at the same capacity, but lacking ultra wide rear camera, probably mmWave 5G, maybe no U1 chip, and no 512 Gb option.