Ok, I’ll weigh in, lol…
As your use case is hunting, plinking and pesting with pellets…
I’d recommend .25 - and a 600mm barrel for your M4.
Rationale:
Pellets don’t require the amount of power slugs do - M4 has huge power potential for pellets.
M4 will require a significant amount of “tuning down” power (especially 700mm) to shoot .22 18.13g pellets at reasonable velocity (850-925fps range).
So, if shooting 25g (or heavier) pellets, my opinion is .25 has the advantage over .22. The reason is that the 25g .25 pellet is wider - giving the air more area to push against. This results in a milder tune (less hammer spring and lower reg pressure) than .22 25g would require.
As per jps2486 comments, I agree regarding you see mostly .30 with a few .22 shooters at 100 yard competitions. However, benchrest is not one of your use cases. Also, these .22 benchrest shooters are using 25g MRDs (high ballistic coefficient) and shooting them at 960-970 fps to maximize their performance. That is a huge air hog tune. I’ve had some excellent results shooting 100 yard benchrest targets for fun with .25 - with 25.4g, 34g and even 30g (H&N) pellets.
The cost of .22 and .25 pellets in 25g weight is the same (tins of 350). The .25 would give you the option of going to 34g (300 count tins) for hunting and/or bucking the wind at 100 yards and further. The 34g is also an excellent pellet accuracy wise.
So, I believe your cost advantage and pellet variety for .22 is lost once you go into high powered PCPs like the M4. The rifle was designed for heavier pellets. You will likely wind up using a very low reg pressure to shoot 18.13g (and lighter) pellets effectively out of an M4 700mm. The huge difference between reg pressure and bottle pressure will put unnecessary strain on your regulator. The cost advantage for .22 is when using 18.13 and lighter pellets.
600 vs 700 - if you will shoot .22 25.4g MRDs at 965fps, then I’d go 700mm to allow more modest reg pressure and hammer spring preload. If going .25, then 600mm as 700 is a really long thin FX tube (liner) as 600 will be plenty to use a reasonable (130 bar) reg pressure and reasonable hammer spring to shoot 25g and 34g pellets effectively without dealing with as many potential barrel harmonic issues as a 700mm.
Wow, I got into this more than I intended, lol. Just opinions based on my experience with .22 .25 and .30 - and with FX rifles.
-Ed