A passive P bass and an active 5-string are enough to take pretty much any gig on the planet. Get the P.
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I'm in the market for a 4 string bass and I wanted to get some opinions from other players. I'm trying to choose between the Fender Player Precision and the Yamaha TRBX504. I currently own a TRBX505 and I really like the TRBX line of basses. I also really enjoy playing the P bass. So play and feel wise I really enjoy both. My only thought it that I could benefit from the variety of adding a Fender instead of essentially the same bass I currently own with one less string. The $200 difference also feels pretty small, so I'm not too worried about it.
I'll admit I'm not the most experience bass player, so I'd love to get input from others about what choice you'd make in this scenario. For additional context I primarily play heavier music and intend to use a drop C tuning on the 4 string I do purchase.
I wanna throw a monkey wrench into this. Since you like Yamaha why not go with one of their BB series basses with the P/J pup and volume / volume / tone setup?
https://www.sweetwater.com/store/detail/BB434MBL--yamaha-bb434m-black
Like @Kro I'm of the mindset that simpler is better. I'm actually reverting to that philosophy more and more each day. And now that I'm recording, I'm really leaning on that philosophy with my basses, even going back to passive over active. And as the acting sound engineer in one of my bands, when it comes to recording not just me, but everyone else too, I'm really pushing that philosophy.
One of the best sounding basses in my arsenal, also one of my cheapest, one of only two passive that I own, and the bass that led me down the "simpler is better" road... is a 1985 Epiphone rendition of the Fender P bass I call "Epicision" that I paid 65 bucks for and invested another 183 to get it where I wanted it to be which included installing a set of EMG GZR P pups. It is my go to bass for recording.
Next up will be a P/J setup, of which is my other "passive" bass, but like the Epi, I bought it used and it's currently waiting on me to replace the pups. Even my best active, is also my cheapest active, a 2012 Ibanez SRX2 EX2, and uses a simpler, two band eq 4 knob design, volume / pup blend / bass / treble.
Why not get a 6 string and do the same thing?If you want a 504, just pick up your 505 and use the b string as a thumb rest.
The P will give you another sound that you won’t exactly get from the 594.

I’d go precision.
To me, versatility doesnt come from a bass, it comes from your playing and your rig.
Both basses are versatile.
A passive P bass and an active 5-string are enough to take pretty much any gig on the planet. Get the P.