The edge router has an IPv4+ subnet (either a classic v4 address, or part of a v4+ address). It maintains an L2 routing table with ARP+, and routes IPv4+ packets to the endpoint without translation. Private subnetting and NAT is only needed to support legacy IPv4 clients.
CGNAT pools IPv4 public addresses and has an expanded key for each connection, and translates either 4 to 6 or into a private IPv4 subnet. My proposal needs no pooling and only requires translation if the remote host is IPv4 classic and the edge router is not assigned a full IPv4+/24.