[This is a short analysis]
P.S. I'm a bit busy with work at the moment, so Yanfei analysis is gonna be a little late!
Note: The 4-Millelith calculation assumes its four-piece effect is always active.
Zhongli's damage and shield overview:

Total damage comparison:

Conclusion:
You can see that 4-Millelith does not yield the highest damage output. Instead, the artifact set gives the highest shield.
While this may seem "meh" to some people, it is also important to remember that Tenacity of the Millelith will increase the overall DPS output of the party because of its 20% attack buff.
In short, the four-piece of Tenacity of the Millelith is a great choice for Zhongli, and can easily be his best-in-slot set.
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