Based on a 4,000,000,000,000 bit disk I get about 3.63TB of usable space. I don't know if there's any other overhead in UFS but you're only a few % off. Personally I would not want to fill any drive within a few percent of completely full.
Of course I'm not sure how "optimised" or "fine-tuned" the defaults are. At the 8% limit users other than root cannot access the space, which as far as I'm aware is just to stop users from filling the hard drive, allowing some lee-way so that services don't crash and logs still work until root can free some space. Saving 8% 20 years ago was probably reasonable, saving a few hundred GB just to make sure users can't fill the disk is a bit excessive.