How to define the table structure for measured data in sqlite
Your second approach is not normalized: adding another sensor would require creating a new table, and querying multiple sensors would be horribly complex.

When all four sensors get a new value every second, and if you have multiple tables, then the database would have to update four tables. A single table is certainly more efficient.

For fast queries on time ranges, you need an index on the timestamp column.
This implies that every INSERT also needs to update the index.
(If you want fast queries on time ranges for a single sensor, you need another index that contains both the sensor_id and timestamp columns.)

Please note that you do not need AUTOINCREMENT when you never delete rows.
(Autoincrement In SQLite)