Yet another totally unsubstantiated comment by you being passed off as a fact. To conclude the above for Arma 3, we would need a much deeper analysis such as 970 SLI vs. 980 SLI vs. 980Ti OC. If 970 SLI or 980 SLI is actually better or even at least as good as 980 Ti OC at 4K, 4GB of VRAM may not even be a big factor. Alternatively, Tri-fire 290X 8GB vs. Tri-Fire 290X 4GB. Similarly, 390X Quad-fire vs. 295X2 CF.
Right now the stutters are more than likely related to Quad-fire scaling/driver issues in that lower frames are perceived as stutters since the 3rd and 4th GPUs aren't scaling linearly -- the nature of multi-GPUs.
Normally VRAM bottlenecks aren't just minor stutters but massive drops in FPS, and can often even be a slide-show in fact. More likely than not, 980Ti SLI could easily be producing superior frame times than 295X2 CF in this title at 4K. We cannot just conclude that VRAM is the fundamental factor that's allowing for smoother gameplay at 4K in this game.
Furthermore, VRAM required doesn't mean dynamic VRAM used as per MSI AB/Precision X.
A quick Google search shows that in Arma 3 @ 4K even a single 970 with its 3.5GB of VRAM has superior frame times (I.e, it maintains a flatter frame time variance up to and including 99th percentile) than a 290X, despite lower FPS:
http://www.tomshardware.com/reviews/nvidia-geforce-gtx-980-970-maxwell,3941-9.html
That alone casts some doubt into the assumptions made by the OP. It's looking like Maxwell + NV drivers just do a better job in this game at 4K than Hawaii cards, irrespective of VRAM. This game could still very well be impacted by 4GB limit but comparison of 295X2 CF vs. 980Ti SLI is not enough to make a definitive conclusion on this hypothesis.
The end result though is the OP could add a 3rd and a 4th 980Ti to his system and end up with more horsepower to push battlefield draw distance further at which point the benefits of > 4GB could manifest themselves. Also, he will most definitely have superior performance since even a single 980Ti OC is more or less as fast as a 295X2. Sounds like a good upgrade since 295X2s don't always scale well.