It certainly is a fun feature of sims 2 to mess around with that, so many combinations there.
I think the main thing they'd need to work on in Sims 4 for it would be the UI since it's very unique. But I think it would be possible to make special UI's for hybrids. Perhaps they could limit it to combinations of 2 at most though, to not have too many variables and only have to worry about each particular combination at a time. That way they could maybe have room to make it a bit more unique, like add an additional benefit and a drawback to each combination.
Like a vampire spellcaster could use blood magic. They would not have problems with spell charge, instead there would be a red orb filled with blood on their UI in that place. They could cast more freely, but they die of hunger if out of blood. This combination could also give access to a spell unique to this combination that could be something that only benefits vampires. They'd have two buttons in their UI: One for the magic abilities and spellbook, and one for vampiric powers. Their magic abilities would be modified some, nothing related to spell charge would be there and could be replaced with perks that cause them to use less blood in spell casting.
And a mermaid spellcaster could get access to a water spell of sorts, like tossing a wave of water on someone else or themselves, helping the stay hydrated. Or freeze a sim who is already cold.
Spellcaster is probably the easiest to combine with the others since it has no secondary form. That's probably the hardest part. Like is it even possible for sims to have three forms? Again, why it would be better to not have combinations of more than two supernatural kinds. Would get way too messy if a sim has their dark vampiric form when drinking blood, gets a mermaid tail when in water, becomes a werewolf during a full moon and is also an alien.
If they can have three forms, that could work, and both could unlock some options from that combination. Like a vampire mermaid could have access to some creepy looking tail in mermaid form and also all the dark vampire form features for the upper body.
A werewolf mermaid I don't see happening though, I feel like some combinations could just not be possible. Werewolf spellcasters and werewolf vampires could be possible though. Their dark form and werewolf form could maybe just be the same, they could change at will but be more feral until they get perks to give them more control in that state.