「Although ~, at the same time, in another respect ... .」 In cases like ③④, when making a contrastive statement, it generally has the same meaning as 「~反面」.
例:
1. 会議では自分の意見を言う一方で、ほかの人の話もよく聞いてください。
In meetings, while you should state your own opinions, also listen carefully to what others have to say.
2. 教授は新しい研究に取り組む一方で、しっかり学生の世話もしなければならない。The professor must work on new research while also properly taking care of the students.
3. 子どもが生まれてうれしかった一方で、重い責任も感じだ。I was happy when my child was born, but at the same time I felt a heavy responsibility。
4. 世の中には人と話すことが好きな人がいる一方、それが苦手な人も多い。Some people in the world like talking to others, while many people are not good at it。