4:12a So then, death is at work in us,

So then, the effects of death are seen in our (excl.) bodies/lives,
-or-
Therefore, although the ⌊disabilities of⌋ deadly experiences are active/working in our bodies/lives,

4:12b but life is at work in you.

but the effects of ⌊Jesus’⌋ life are seen in your (plur.) bodies/lives.
-or-
the ways/power of ⌊eternal⌋ life are active/working in your bodies/lives.

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