Short Answer
All Italian characters are handled by either Character set. I don't know if there are any subtle Collation differences, but they may not matter.
Long Answer
We are stuck with encodings. utf8mb4 is the ultimate; there is essentially now, and 'never' will be, any need for another encoding. It handles text for any language in the world, plus Emoji. And it is extensible, meaning that if a new language springs up, it can be added without [yet again] breaking existing files, products, programs, etc.
MySQL picked lating1 a quarter of a century ago, before UTF-8 was more than 'wishful thinking'. Latin1 was good enough for Western Europe, but useless for the rest of the world.
It was painful to switch from latin1 to utf8mb4. And it was made even more painful by a misstep in 5.5 with utf8mb3 (called "utf8" at that time). 8.0 bit the bullet and forced the full utf8mb4 down our throat, Essentially, the only use for other encodings is when a non UTF-8 document comes along. With one setting, no user code, such a document can be automatically converted to utf8mb4 while it is being read into the table. And, if necessary, converted back while being read from the table.
WordPress users mostly use MySQL 5.5 or 5.6 -- the versions where UTF-8 handling was screwed up. Step 1 is to upgrade to 5.7 or 8.0. Beat on your could provider if they are in control of that.
A high percentage of users of WP / MySQL are confused by the terms "Character set" and "Collation".
The Character set (latin1 or utf8mb4) specifies the "encoding" of characters. (English characters are identically encoded, so this is less of a problem for many users.)
The Collation determines how text is sorted or selected. The simplest example is "case insensitive", where 'A' and 'a' are treated as equal. This is indicated by a COLLATION
ending in _ci
. Most applications are happy with that.
The _general_
or _unicode_
_ or _0900_
, etc, indicate variations of what to do with accents, "phone book" ordering, etc. Most applications need not be concerned, and the default is probably OK.
If your WP world is just in the US or Western Europe, none of this matters, except for the disruptions. But note that Emoji won't work (at least not correctly) without utf8mb4.
PS. Once you get past the utf8mb4 hurdles, this plugin can make WP run faster: WP Index Improvements