Absolutely not, because that would cripple its use in non-combat.
Yeah, but the game isn't built around needing teleport outside of combat, is it? It's not called Divinity Original Sin 2: Teleport. You have other options to complete quests, so I disagree. To suggest the game requires teleport says there's something severely wrong with the design. And there isn't! Because you don't require teleport to get the job done.
Sure, your proposal for a 4 AP cost would be reasonable in combat. But the default radius is still gaga: it just allows me to screw the AI over too easily. I'm ok with Phoenix dive, wings and the other teleport substitutes - even the nether swap, or whatever it's called, is fine.