First, I think what you should be looking at here is users, sessions, and engaged sessions x traffic from paid channels. You can drill that down by source to understand where exactly they're coming from. In your case, that sounds like Twitter.
How sessions are recorded in Google Analytics
The process from click to session ought to happen in seconds. However, if significant latency occurs at any of the checkpoints shown above, then you might see a reduced click/session ratio.
So...
Step 1. Ensure Latency is not a problem
Look at your load times and the waterfall of your site on various connections. I'd expect Twitter traffic to be mostly mobile - so be sure to run tests while throttling your connection (LTE/4g ought to be ok).
Once you're sure it's not the website, check the server. Here's a nice article on tuning Nginx for improved TTFB/latency. Without the ability to see the config files, we'd just be taking shots in the dark.
Also, be sure to add ads-twitter.com
that your CSP (assuming you have one).
Even before all of this, I would try inlining all of your tracking scripts/event snippets on your webpages. The only time I'd use Tag Manager for the actual placement of a script is if I didn't have the ability to place it directly on the site.
Do this for your GA4 scripts AND your Twitter Universal Website Tag.
Step 2. Troubleshoot your Twitter Conversion Tracking Tag
Below is a link to Twitters Tag Troubleshooting Guide, start there.
https://cdn.cms-twdigitalassets.com/content/dam/business-twitter/en/resources/downloadables/web-tag-troubleshooting-guide.pdf
Twitter Pixel Helper is a nice Chrome Extension to validate that everything is working properly.
FYI With Twitter, Reported Conversions Can Change Over Time
Twitter reporting is finalized within 24-48 hours of when impressions are served. Before that time, we estimate data to provide real-time feedback, but the data is subject to change. The Twitter conversion reporting UI has two process pipelines to display data.
First, a streaming job directly collects page visits and purchase events from live log data and pulls metrics into reporting. Then, an ongoing batch process removes duplicate tag fires, adjusts conversion attributions, and handles identity merging for multi-device conversions.
Source: https://business.twitter.com/en/help/campaign-measurement-and-analytics/conversion-tracking-for-websites.html
^ See "Reported Conversions"
Step 3. Look at Twitter Ads Manager to Understand Performance
3rd party tracking tools might not reflect reality. It's possible that GA4 is getting something wrong. According to Twitter (same source as before):
Please note: third-party interfaces may not reflect the capabilities of our website tracking in Twitter Ads Manager, and they may only pertain to information collected by that third-party.