You really can't look at amp draw per leg.
You have to look at amp draw through the whole circuit, which includes both legs.
For a 115 volt only motor, both legs (hot and neutral) and the windings see 8 amps.
If the windings are heavier, that will reduce power losses due to the higher amperage.
For a 230 volt only motor, both legs and the windings see 4 amps.
For a 115/230 volt selectable motor, there are two sets of windings which are in parallel for 115 volts and in series for 230 volts.
For a selectable motor, both sets of windings see the same 115 volts and 4 amps.
Outside of the windings, the wires see either 115 volts and 8 amps or 230 volts and 4 amps.
For a 115 volt circuit, you need larger wire due to the higher amperage, which costs more but it also reduces the voltage drop and the power loss.
Whenever there is a choice between 115 and 230 volt motors, I would choose a 230 volt motor all else being equal.
For 230 volts, you can use smaller wire (depending on the sizing requirements), you get lower losses and you balance the current on both hot legs of the panel which is always preferable.