I hate VB 4.
VB 4 (and 5 and 6) does need a runtime, but it is not standalone like VB 3. It MUST be included with the application installer, it must be properly installed and registered via an installer rather than just copied in, and the entirety of the runtime is HUGE and may contain many optional OCX controls. There is also both a 16-bit Windows 3.1 runtime (VB 4 only) and a 32-bit Win 9x/NT runtime needed for each executable depending on the target platform.
That said, it used to be possible to find some simple little "hello world" type applications that intentionally bundled the enirety of the runtime and all optional component. But that method was generally frowned upon for distributing software.
BTW, the only reason to use VB 4 is... well none. If you are targeting 16-bit Windows 3.1, use VB 3. If you are targeting 32-bit Windows 9x/NT, use VB 5 or 6.