Having a mute button on any headset is a must (and not only a gimmicky optional feature) unless you want everyone in-game to hear your conversations at all times.
The Apple EarPods are a perfect match for PS4 and thanks to the new DualShock 4 controller, they can even be used to "wirelessly" output all audio. The most important thing is that they can be worn for a prolonged period of time without discomfort and the sound is just amazing.
The issue is that when you plug them in the DualShock 4 controller on a PlayStation 4, their mic is always on and they also emit a high pitch buzzing sound to everyone listening.
Here is a step-by-step video tutorial on the procedure how to mute the mic on the EarPods, even though they don't have a hardware mute button:
How to mute the mic on Apple EarPods connected to DualShock 4 (PS4)
If you have any questions or need any help with the procedure, please feel free to contact me.