diff --git a/docs/configuration.md b/docs/configuration.md
index ce59d1d226..d5ad160838 100644
--- a/docs/configuration.md
+++ b/docs/configuration.md
@@ -901,6 +901,10 @@ to be exempted from the default indentation rule:
     [scala-js coding style](https://github.com/scala-js/scala-js/blob/main/CODINGSTYLE.md#long-expressions-with-binary-operators).
 - `all`: all infix operators
   - this value replaced deprecated `indentOperator.topLevelOnly=false`
+- `notAssign` (since v3.8.4): any non-assignment operator
+  - this value expanded upon deprecated `verticalAlignMultilineOperators`
+    which now simply maps to `{ exemptScope = notAssign, excludeRegex = ".*" }`
+- `notWithinAssign` (since v3.8.4): any infix not part of a larger assignment expression
 
 ```scala mdoc:scalafmt
 indent.infix.exemptScope = oldTopLevel
@@ -1026,11 +1030,6 @@ renamed from `indentOperator.include`.
 indent.infix.includeRegex
 ```
 
-#### `indent.infix.assignmentOnly`
-
-Indents only after an assignment operator. Prior to v3.8.4, was called
-`verticalAlignMultilineOperators`.
-
 #### `indent.infix.preset`
 
 - `default`
diff --git a/scalafmt-core/shared/src/main/scala/org/scalafmt/config/IndentOperator.scala b/scalafmt-core/shared/src/main/scala/org/scalafmt/config/IndentOperator.scala
index 2659a3ac62..25f600654d 100644
--- a/scalafmt-core/shared/src/main/scala/org/scalafmt/config/IndentOperator.scala
+++ b/scalafmt-core/shared/src/main/scala/org/scalafmt/config/IndentOperator.scala
@@ -90,8 +90,16 @@ object IndentOperator {
     case object oldTopLevel extends Exempt
     case object aloneEnclosed extends Exempt
     case object aloneArgOrBody extends Exempt
+    case object notAssign extends Exempt
+    case object notWithinAssign extends Exempt
 
-    implicit val reader: ConfCodecEx[Exempt] = ReaderUtil
-      .oneOf[Exempt](all, oldTopLevel, aloneEnclosed, aloneArgOrBody)
+    implicit val reader: ConfCodecEx[Exempt] = ReaderUtil.oneOf[Exempt](
+      all,
+      oldTopLevel,
+      aloneEnclosed,
+      aloneArgOrBody,
+      notAssign,
+      notWithinAssign,
+    )
   }
 }
diff --git a/scalafmt-core/shared/src/main/scala/org/scalafmt/internal/FormatOps.scala b/scalafmt-core/shared/src/main/scala/org/scalafmt/internal/FormatOps.scala
index cf0f09b380..7f8a94a86d 100644
--- a/scalafmt-core/shared/src/main/scala/org/scalafmt/internal/FormatOps.scala
+++ b/scalafmt-core/shared/src/main/scala/org/scalafmt/internal/FormatOps.scala
@@ -575,6 +575,7 @@ class FormatOps(
         case IndentOperator.Exempt.oldTopLevel => isOldTopLevel(getChild)
         case IndentOperator.Exempt.aloneEnclosed => isAloneEnclosed(getChild)
         case IndentOperator.Exempt.aloneArgOrBody => isAloneArgOrBody(getChild)
+        case _ => true
       }
       if (cfg.assignmentOnly) isAfterAssignmentOp(false)
       else if (beforeLhs) assignBodyExpire.isEmpty
diff --git a/scalafmt-tests/shared/src/test/resources/vertical-multiline/verticalAlignMultilineOperators.stat b/scalafmt-tests/shared/src/test/resources/vertical-multiline/verticalAlignMultilineOperators.stat
index ed64dfd193..7ebfca9b06 100644
--- a/scalafmt-tests/shared/src/test/resources/vertical-multiline/verticalAlignMultilineOperators.stat
+++ b/scalafmt-tests/shared/src/test/resources/vertical-multiline/verticalAlignMultilineOperators.stat
@@ -37,3 +37,167 @@ object Foo3 {
   a +
   b
 }
+<<< #4681 verticalAlignMultilineOperators
+maxColumn = 16
+===
+object a {
+  val foo1 = a +
+    b
+  foo1 = aaaa -
+    bbbb
+  foo1 =
+    aaaabbbb
+  foo1 += aaaa -
+    bbbb
+  foo1 +=
+    aaaabbbb
+  foo1 == aaaa -
+    bbbb
+  foo1 ==
+    aaaabbbb
+  foo1 := aaaa -
+    bbbb
+  foo1 :=
+    aaaabbbb
+  foo1 >= aaaa -
+    bbbb
+  foo1 >=
+    aaaabbbb
+}
+>>>
+object a {
+  val foo1 = a +
+    b
+  foo1 = aaaa -
+    bbbb
+  foo1 =
+    aaaabbbb
+  foo1 += aaaa -
+  bbbb
+  foo1 +=
+    aaaabbbb
+  foo1 == aaaa -
+  bbbb
+  foo1 ==
+  aaaabbbb
+  foo1 := aaaa -
+  bbbb
+  foo1 :=
+    aaaabbbb
+  foo1 >= aaaa -
+  bbbb
+  foo1 >=
+  aaaabbbb
+}
+<<< #4681 notAssign
+maxColumn = 16
+indent.infix {
+  exemptScope = notAssign
+  excludeRegex = ".*"
+}
+===
+object a {
+  val foo1 = a +
+    b
+  foo1 = aaaa -
+    bbbb
+  foo1 =
+    aaaabbbb
+  foo1 += aaaa -
+    bbbb
+  foo1 +=
+    aaaabbbb
+  foo1 == aaaa -
+    bbbb
+  foo1 ==
+    aaaabbbb
+  foo1 := aaaa -
+    bbbb
+  foo1 :=
+    aaaabbbb
+  foo1 >= aaaa -
+    bbbb
+  foo1 >=
+    aaaabbbb
+}
+>>>
+object a {
+  val foo1 = a +
+    b
+  foo1 = aaaa -
+    bbbb
+  foo1 =
+    aaaabbbb
+  foo1 += aaaa -
+  bbbb
+  foo1 +=
+    aaaabbbb
+  foo1 == aaaa -
+  bbbb
+  foo1 ==
+  aaaabbbb
+  foo1 := aaaa -
+  bbbb
+  foo1 :=
+    aaaabbbb
+  foo1 >= aaaa -
+  bbbb
+  foo1 >=
+  aaaabbbb
+}
+<<< #4681 notWithinAssign
+maxColumn = 16
+indent.infix {
+  exemptScope = notWithinAssign
+  excludeRegex = ".*"
+}
+===
+object a {
+  val foo1 = a +
+    b
+  foo1 = aaaa -
+    bbbb
+  foo1 =
+    aaaabbbb
+  foo1 += aaaa -
+    bbbb
+  foo1 +=
+    aaaabbbb
+  foo1 == aaaa -
+    bbbb
+  foo1 ==
+    aaaabbbb
+  foo1 := aaaa -
+    bbbb
+  foo1 :=
+    aaaabbbb
+  foo1 >= aaaa -
+    bbbb
+  foo1 >=
+    aaaabbbb
+}
+>>>
+object a {
+  val foo1 = a +
+    b
+  foo1 = aaaa -
+    bbbb
+  foo1 =
+    aaaabbbb
+  foo1 += aaaa -
+  bbbb
+  foo1 +=
+    aaaabbbb
+  foo1 == aaaa -
+  bbbb
+  foo1 ==
+  aaaabbbb
+  foo1 := aaaa -
+  bbbb
+  foo1 :=
+    aaaabbbb
+  foo1 >= aaaa -
+  bbbb
+  foo1 >=
+  aaaabbbb
+}
diff --git a/scalafmt-tests/shared/src/test/scala/org/scalafmt/FormatTests.scala b/scalafmt-tests/shared/src/test/scala/org/scalafmt/FormatTests.scala
index c85fb1b067..596bd967ce 100644
--- a/scalafmt-tests/shared/src/test/scala/org/scalafmt/FormatTests.scala
+++ b/scalafmt-tests/shared/src/test/scala/org/scalafmt/FormatTests.scala
@@ -144,7 +144,7 @@ class FormatTests extends FunSuite with CanRunTests with FormatAssertions {
     val explored = Debug.explored.get()
     logger.debug(s"Total explored: $explored")
     if (!onlyUnit && !onlyManual)
-      assertEquals(explored, 1241608, "total explored")
+      assertEquals(explored, 1241926, "total explored")
     val results = debugResults.result()
     // TODO(olafur) don't block printing out test results.
     // I don't want to deal with scalaz's Tasks :'(