There's perceptibly less recoil shooting an AK-74 than shooting a 5.56mm AK or Galil, in my experience. Compared to an M4, though, there's little difference, or possibly even the advantage narrowly to the M4 due to differences in the design. Neither round is really a bruiser, though, obviously.
Edit to add -- All the 5.45x39 AKs I've shot included AK-74 style muzzle brake/comps, while both the Galils and Bulgarian 5.56mm AKs I've shot had much simpler flash hiders installed, for whatever that is worth.