Gubber Bittencourt
Explorer
It's not per level.
It's 3-4 per long rest * level. You get to change out spells everyday.
If you only selected spells at level up, that would not be as bad. Since you could do that away from the table and not keep everyone else waiting.
Spell list are the items to be chosen. Prepared spells are the chosen item.
Only 4 spells to choose would be horrible for a full caster.
4 prepared spells per level is much more than it is today in 5e.
The number of spells you can prepare = your level + spellcasting ability modifier
Lvl 20 char= 20+5= 25 prepared spell.
2.5 spell per spell levels