Usually a rename-level change
An M4V typically holds H.264 video and AAC audio — exactly what MP4 expects. That means the conversion is generally a remux: the streams are copied into a new container untouched, so the result is bit-for-bit identical in picture and sound and completes in a fraction of the time a re-encode would take. Re-encoding is only needed when the file contains something unusual, or when you deliberately want to change resolution, frame rate or quality along the way.