Indeed there are now 3 separate I2S peripherals inside the chip, 2 of which can be accessed on Teensy 4.0 pins.
But they are not created equal. The first one has 5 data pins, which is actually 1 more data pin than Teensy 3.x. So with the right programming, I'm pretty sure Teensy 4.0 can do the quad channel feature we've had for years on Teensy 3.x.
The other I2S peripherals are indeed limited to 1 TX pin and 1 RX pin, so only stereo is possible on those, unless a multi-channel protocol like TDM is used.
The situation with those 5 pins could be called "more flexible" or "more complicated" than Teensy 3.x, depending on your perspective. So far I've not actually used them, so all of this is based only on my reading of the ref manual. On Teensy 3.x, 2 of the data pins always transmit and 2 always receive. Simple. On Teensy 4.0, 3 of the 5 data pins can transmit or receive, depending on how you configure the hardware. I believe NXP's intention was to allow stereo input and 8 channel output, or 8 channel input and stereo output. I'm not sure if 4 and 6 channel configurations also work. It's on my list of stuff to do...
On the pinout reference card, I had to make some compromises for the sake of simplicity and limited space. So the 5 data signals are labeled "IN1, OUT1A, OUT1B, OUT1C, OUT1D", which implies the mode of stereo input and 8 channel output. 1 of these 5 is on a bottom side pad, because again so many difficult trade offs were required in assigning the pinout.
In the absence of software support for actually using more than 2 data pins, probably the easiest way to get quad channel support right now would be to just use the 2nd I2S port.