The Alpha is still better on PS4! And the only thing that the dongle would do on PS4 is get you slightly louder stereo audio, but the Alpha gets plenty loud out of the headphone jack, at least for my tastes.
I recently re-reviewed the Cloud II dongle and discovered that it’s stereo only on PC, and that the surround mode is just a simulation that doesn’t use the surround data at all.
The Alpha is always going to be “better” than the II regardless of platform thanks to its better drivers, its dual-chamber ear cup design, its removable cable, and its much better padding. I still like the II, but I’m also amazed it’s still even on the market.