The pattern uses three CAMS, but the LAM/RAM actually play as FIFA 23 Coins LM/RMs. Therefore, it plays like a 4-4-1-1 which allows you to play either wide or narrow.
For defensive purposes, the 4-2-3-1 is a compact formation. You have two holding CDMs that give you stability and defense. Furthermore, the formation can be easily modified - by putting "balanced" or "get ahead instructions on a CDM you can either make the player more aggressive or even more reserved.
The formation lets a team defend with a 4-5-1 formation, where the CAM sits slightly higher than other formations , such as the 4-4-2. It is for this reason that it is the preferred formation of many players who want to close out a game but still have an attack threat.
The 4-4-2 is arguably the most balanced formation in FIFA 23. This tactical approach employs two strikers, which makes it somewhat more aggressive than 4-2-3-1 but at the expense of the absence of a Cam.
New players to FIFA typically struggle with the 4-4-2, due to buying FUT 23 Coins the lack of a CAM. However you can always use a CM to give additional support to the attack.