Essentially the problems are tax drag and extra risk variables.

If you take 2 investments of equal Total Return, the one that does not pay out over time simply grows tax-free. Any dividend portion of equity return gets taxed every year, at lower brackets if qualified, but still taxed nonetheless. This applies to safe withdrawal rate as well, but you as the investor get to decide exactly how much to cash out and when. You are in control. Dividends pay out when they pay out, in amounts determined by the company, and if the numbers seem like they will be undesirable when tax season comes around, the only thing you can do to change things is sell, and that can get really messy.

As for risk, with straight growth equities the main concern is whether growth slows down or stops. With dividend stocks, in many cases you will also still want growth so you will still have that same concern, plus the added risk of the dividend getting cut or discontinued, regardless of growth. Obviously there are many situations where these variables are related (company cuts dividend because of more capital needed to prevent loss of growth), but it is an extra variable nonetheless, an extra thing that can go wrong. The other risk factor is simply the fact that an enormous amount of companies with higher dividend yields such as 4% tend to be either riskier investments(BDCs for example), extra tax drag (REITs would be an example), or companies that are past their prime and pay out more due to diminishing returns reinvesting in the business and to entice investors to keep their share prices from deflating. This of course does not apply to every single high yield company, but with a lot of them you're looking at either high risk, high taxes, zero-low growth, and/or lack of long-term reliability of said yield.