4:3a And even if our gospel is veiled,

But even if our (excl.) gospel seems to be veiled/unclear,
-or-
But if ⌊the meaning of⌋ the good news ⌊about Jesus⌋ that we preach is indeed not clearly understood,

4:3b it is veiled to those who are perishing.

it is that way for those who are headed for death/destruction.
-or-
then it is the people on the way to death and destruction who do not clearly understand it.

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