Roughly, logP = 4 means that per 10,000 molecules in the organic solvent, 1 molecule is in an equal volume of water. In contrast, logP = 2 means that per 100 molecules in the organic solvent, 1 molecule is in an equal volume of water.
In other words, if you extract with the same solvent system in equal volumes, you lose 1% of your product after one exctraction; if you extract with the same solvent system at 2/1 v/v-o/w ratio, you lose 0.5%; if you extract with the same solvent system at 4/1 v/v-o/w ratio, you lose 0.25% and so on…, which cannot be considered as high losses, especially after a couple of repeated extractions that is the common practice.
But the selection of the extraction solvent, also depends on the compatibility with the structure of the new derivatization agent, e.g. if containing a longer alkyl chain, hexane/ ether is preferred; if containing aromatic rings, extractions with toluene are preferred; if containing hydroxyl, methoxy, halide, etc. substituents, dichloromethane might be preferred, and so on...