You’ll lose weight in a famine but nobody would suggest it as a diet plan.
What overhead does NAT add compared to a L4 firewall?
> plus losing functionality that cannot operate through NAT.
What functionality does NAT prevent that a L4 firewall doesn't?
NAT, on its own, doesn't provide security. At best, it provides obscurity. At worst, it breaks security [2]. NAT needs a properly configured firewall to provide security [1]. In this sense, NAT vs a Firewall is a false dichotomy.
[1] https://tailscale.com/blog/how-nat-traversal-works/
[2] https://www.computerworld.com/article/2556611/nat-traversal-...
edit: formatting
Also, GP claimed that certain services that don't work because of NAT would work on an IPv6 network. I was curious which services those might be, that don't work because of NAT but wouldn't be affected by a firewall.
You need a defense at depth, not a crunchy perimeter with a squishy inside.