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Ads show up on the screensaver and AFAIK won't start until after you register your Paperwhite 4. So probably no ads for you yet.
While I am a fan of jailbreaks, you can do 99% of things on a stock Kindle. What you can't do are proper collections, native epub format books, custom screensavers, battery tweaks and the like. And using wi-fi might be inadvisable if you don't want your PW4 firmware to automatically update.
In your place I'd leave the PW4 in airplane mode - your best protection against an unwanted update. The older your firmware, the more more likely it is that a new jailbreak will be found for it. Sideload your books i.e. transfer them from Calibre via USB and enjoy reading them on your new Paperwhite.
If your firmware version is < 5.12.x then creating a root directory folder on your PW4 named update.bin.tmp.partial before turning wi-fi back on will probably block an unwanted, automatic OTA firmware update. If your firmware is newer than that you'll need to look into more creative methods to block updates or simply leave it in airplane mode for now.
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