I agree that 60fps 1080p would be ideal.
720p is "standard," but that really should be your minimum settings. HD is 1080p. UHD is 1440p. Then, there's 4k and 8k (which aren't needed for Sims 4). These are all related to resolution and the amount of pixels on a screen, but honestly, the best way to understand what they mean is to watch a video on YT at each quality setting from 480p to 1080p or 1440p. Your monitor is probably HD and 1080p, so you may not be able to sense differences in quality much higher than that.
Edit: This is a video I did as a test at I think 30fps but I'm not sure. The motion is kind of blurry because the frame rate is low and it would be better at 60fps, but if you don't have a lot of motion in your videos fps matters a lot less and your game itself also ideally needs to be being played at a high fps... https://youtu.be/gCKu3T7gWZ0