Is it permissible to suffice with saying "Subhan Allah, walhamdulillah, wa la ilaha illallah, wa la hawla wa la quwwata illa billah" (Glory be to Allah, and praise be to Allah, and there is no god but Allah, and there is no might nor power except with Allah) four times instead of performing a prostration of recitation (sajdat al-tilawah)?

The jurists have agreed upon the legitimacy of prostration of recitation (sujud al-tilawah), whether the worshipper is in prayer or outside of it. It is not permissible to replace it with tasbih (glorification) or other forms of remembrance, as this would be an innovation. Ibn Hajar al-Haytami mentioned that the saying, "We hear and we obey; [grant us] Your forgiveness, our Lord, and to You is the final return," when prostration is omitted, has no basis and does not take its place. Ibn Uthaymeen clarified that if the reciter passes by a verse of prostration and is able to prostrate, then he should prostrate as a recommended act, not an obligatory one. If he does not prostrate, he should not say anything in its place, as that would be an innovation.