It's a substantial improvement when actually coding on the fly, since copilot will also analyze code in your codebase. It just makes coding the BS parts less tedious.
I've got both running, and I find GPT4 more useful. Unless I'm using it wrong, Copilot is "better autocomplete" and saves some typing. GPT4 can help you reason about code, and has helpful suggestions about debugging. I'm probably going to bin Copilot.