4-4-2 is the traditional old-school formation in football and is not used much nowadays. With the game evolving, football has now switched to modern formations like 4-3-3, 3-4-2-1, 4-2-3-1 and others.
However, 4-4-2 is still a formation that can work like charm especially in Football Manager especially when managing a weaker team. A 4-4-2 has a number of pros and cons like all other formations. First, we will discuss the pros here.

In this system, we have the advantage of having two centre-forwards up front unlike most modern formations. Having two strikers up front means that you will have two natural goalscoers whereas most modern formations usually have just one centre forward.
A 4-4-2 formation is a rather direct one where you are not focused on playing possession-based attackinng football. Rather, it is suited for pragmatic counter-attacking football. Hence, this system is particularly effective when you are managing a lesser team with less technical players.
In Football Manager 2024, 4-4-2 can be hugely effective in lower leagues where strikers are not technically efficient enough to operate as a a lone forward.
Wingers in this system usually operate from deeper areas that is the wide midfield area and are more focused on crossing the ball for the two strikers who use their frame and strength to control the ball and make something happen themselves or by playing it to their teammates.
This formation can also be effective when you are chasing a game and desperately need to score and hav quality strikers up front but the rest of your team is not that great.
Direct football is not played much nowadays in bigger teams but it is still pretty effective because there is an element of surprise in direct football unlike possession-based football.