While the 920m is a newer nVidia chip, it is less powerful than the slightly older 840m. The performance of the 920m is somewhere between the 825m and 830m.
For gaming purposes the amount of dedicated video RAM (4GB vs 2GB) is meaningless for weak GPUs. GPUs can use a lot of RAM when playing games at high resolution and when using very high quality textures. But weak GPUs like the 820m and 940m are not powerful to allow you to play games at 1920x1080 with maxed out graphics unless you want your game to look like a slide show (or the game has extremely low graphic requirements like LoL / CSGO). 4GB of video RAM is more or less meaningless for anything below a GTX 960m (or it's Radeon equivalent).
As for the 4th gen vs. 5th gen Core i7...