IF CV is working "properly" AND if the 4 arc segments join correctly i.e. tangentially, then you should see no difference between 4 (90 degree) arcs and 1 (360 degree) arc because the blend between the 4 arcs should be "seamless". In that case any backlash and/or flex should produce identical results for both schemes.
If however CV is NOT working properly OR the segments do not join "properly" then you will get an "interruption" in the blend at each join which itself could cause issues but also the effects of any backlash/flex will be made more obvious.
In your gcode, the 4 arcs do appear to "join" correctly" which when added to your statement:
I have also noticed that during engraving the machine is very jerky which is causing it to vibrate.
strongly suggests to me at least that you DO have a CV problem.