Soil water potential is made up of separate components, and each one depends on a specific factor only.
Gravitational potential $Z_w$ depends only on how high or low the water is compared to a fixed reference level; it does not change because of dissolved salts or pressure. So the claim in Statement (I) that gravitational potential does not depend on elevation but depends on chemical and pressure conditions is the wrong way round, making it false.
Now check Statement (II) by definition: osmotic potential measures the extra work a parcel of water can do because a nearby system has no solutes, everything else being equal. That is precisely what Statement (II) describes, so it is true.
\[\boxed{\text{Statement (I) is incorrect, Statement (II) is correct, so option 4 is correct.}}\]