funny, now that a have a dual graphics laptop, i can finally reproduce this bug and create a workaround (at least for me) :D
the main problem is that the game isn't able to switch to the external nvidia/radeon graphics chip for this game, i don't know why and we will probably never find out. you will find yourself getting this error on and on:
http://abload.de/img/s4errord4q0a.png to workaround this, i just forced the game to use the intel integrated graphics chip and it works perfectly.
this is what you have to do if you have an intel/nvidia combo (can't say anything about amd/radeon chips but i guess they have a similar option): go to the nvidia system settings and open the settlers 4 profile (you have to manually point the software to your S4_Main.exe if its not showing up).
now you set the preferred gpu to run the application, in our case the intel integrated graphics. accept the changes and you're ready to go.
here's a pic, sorry it's german but you should get the main idea:
http://abload.de/img/s4intela5s5j.png the game should work now, hopefully. at least for me it does well.
I dont know if there are still system differences and this is working for everyone, so ill give you my notebook specs to compare:
Acer Aspire v5-573G
Windows 8.1 Pro 64-Bit
Core i5 4200U 1,6GHZ Dualcore
Nvidia Geforce GT 750M + 334.89 Driver
8GB RAM
Please tell me if this works for you and if there is a similar option for amd/radeon gpus.
pdjonov: Just fixed this problem (or a very similar one) for a friend.
The issue basically boils down to the game being shipped with a broken version of some Windows debugging tools. Fixing it is pretty straightforward: ...
i highly doubt that, as it is obviously a problem with the gpu-switching