Probaly too complex and almost non rigorous.
$$\sum_{k=0}^{p-1} \binom{4 p}{k}=16^p-\binom{4 p}{p} \, _2F_1(1,-3 p;p+1;-1)$$ where appears the Gaussian or ordinary hypergeometric function.
So, let us consider
$$y=\frac{\binom{4 p}{2 p-1}}{16^p-\binom{4 p}{p} \, _2F_1(1,-3
p;p+1;-1)}$$ Computing it, it seems that $\log(y)$ is almost linear with respect to $p$. I generated values for $10 \leq p \leq 10000$ (stepsize equal to $10$) and a quick and dirty linear regression gave for $\log(y)=a+b\,p$
$$\begin{array}{clclclclc}
\text{} & \text{Estimate} & \text{Standard Error} & \text{Confidence Interval} \\
a & 0.551608 & 0.000208 & \{0.551199,0.552017\} \\
b & 0.523248 & \approx 0 &
\{0.523248,0.523248\} \\
\end{array}$$ So, it seems that a lower bound of $\gamma$ is around $1.6875$.
Edit
You have received two very elegant solutions from Calum Gilhooley and from Sangchul Lee.
Considering the first answer where appears
$$A=\frac{2\,p\,(p - 1)!\,(3p)!}{(2p - 1)!\,(2p + 1)!}$$ using Stirling approximation, we have
$$\log(A)=\frac{\log (3)}{2}+ \log \left(\frac{27}{16}\right)p-\frac{17}{36 p}+O\left(\frac{1}{p^2}\right)$$ and $\frac{\log (3)}{2}\approx 0.549306$ and $\log \left(\frac{27}{16}\right)\approx 0.523248$ which I was unable to identify.
Considering the second answer where appears
$$\frac{1}{p}\log\left( \frac{\binom{4p}{2p-1}}{p \binom{4p}{p-1}} \right) \leq \alpha \leq \frac{1}{p}\log\left( \frac{\binom{4p}{2p-1}}{\binom{4p}{p-1}} \right)$$ and doing the same
$$\log \left(\frac{27}{16}\right)+\frac{\log \left(\frac{3
\sqrt{3}}{2}\right)-\log(p)}{p}+O\left(\frac{1}{p^2}\right) \leq \log(\alpha) \leq \log \left(\frac{27}{16}\right)+\frac{\log \left(\frac{3
\sqrt{3}}{2}\right)}{p}+O\left(\frac{1}{p^2}\right) $$