For simplicity, consider time-independent Lagrangians. A (first-order) Lagrangian for a single body with position $𝐫$, and velocity $𝐯$, both as functions of time with $𝐯 = d𝐫/dt$, will be expressible as a function $L(𝐫,𝐯)$ of the position and velocity.
We assume it's differentiable (so we can carry out the usual calculations for the least action principle) with differential coefficients:
$$𝐟 = \frac{∂L}{∂𝐫}, \hspace 1em 𝐩 = \frac{∂L}{∂𝐯}.$$
Then, when subject to a variation, we get the following expression
$$ΔL = 𝐩·Δ𝐯 + 𝐟·Δ𝐫$$
with the variation in $𝐯$ subject to the condition:
$$Δ𝐯 = Δ\left(\frac{d𝐫}{dt}\right) = \frac{d(Δ𝐫)}{dt}.$$
As usual, we integrate this by parts, applying this condition, to obtain:
$$𝐩·Δ𝐯 = 𝐩·\frac{d(Δ𝐫)}{dt} = \frac{d(𝐩·Δ𝐫)}{dt} - \frac{d𝐩}{dt}·Δ𝐫,$$
resulting in:
$$ΔL = \frac{d(𝐩·Δ𝐫)}{dt} + \left(𝐟 - \frac{d𝐩}{dt}\right)·Δ𝐫.$$
When applying this to the action integral $S = \int L dt$, the total differential of $𝐩·Δ𝐫$ integrates out to a boundary term. For the least action principle, the boundary values $Δ𝐫$ are zero, so one is left with just
$$ΔS = \int \left(𝐟 - \frac{d𝐩}{dt}\right)·Δ𝐫 dt$$
and from this, you get the equation of motion
$$𝐟 = \frac{d𝐩}{dt}.$$
by requiring that $ΔS = 0$ for otherwise-arbitrary $Δ𝐫$.
You'll recognize this as the force law, with $𝐟$ representing the force and $𝐩$ the momentum; and this is a generic framework for deriving that law. The role that the Lagrangian plays is to produce a set of relations for the dynamic quantities $𝐟$ and $𝐩$ in terms of the kinematic quantities $𝐫$ and $𝐯$. In general, both the force and momentum will be functions of position and velocity, but the force law will have the same form - as expressed above.
You may think of the relation established by the Lagrangian, between the dynamic quantities and the kinematic quantities as being the "constitutive law" for the dynamic quantities. So, different Lagrangians give you different constitutive laws, but the same equation for the dynamics - the force law.
If you require the Lagrangian to be independent of position, then it reduces to a function of the form $L(𝐯)$. Then you have $𝐟 = 𝟎$, and you obtain - as a result - the law of inertia: that the momentum be constant over time. The momentum, in this case, will be a function of the velocity. So there, the constitutive law has the form:
$$𝐟 = 𝟎, \hspace 1em 𝐩 = \frac{∂L}{∂𝐯}(𝐯).$$
The force is zero and the momentum is some function of velocity.
If you require the Lagrangian to also be independent of direction, then its dependence on $𝐯$ must reduce to a dependence on the scalars that can be derived from $𝐯$. The most general scalar is a function of $v^2$; your $v^4$ is included in that as a case-in-point, expressible as $\left(v^2\right)^2$. More conveniently, write it as a function of $I = ½ v^2$. In that case, Lagrangian reduces to a function of the form $L(I)$, its differential coefficient may be defined as
$$m = \frac{∂L}{∂I},$$
and from this, we find
$$ΔL = m ΔI = m 𝐯·Δ𝐯.$$
This leads to the constitutive law:
$$𝐟 = 𝟎, \hspace 1em 𝐩 = m𝐯,$$
and you may recognize the coefficient $m$ as the mass. For this Lagrangian, the mass is a function of $I$, i.e. of $v^2$ - it's speed-dependent.
For the non-relativistic physics of Newton, it is constant, so that $L(I)$ is a first-order polynomial in $I$: $L(I) = L(0) + m I$. The constant $L(0)$ has no significance in the action integral, but you can think of it as the Lagrangian for all the other components of the system that the body in question is a part of.
In relativity, it is speed-dependent and has the form
$$m(I) = \frac{m_0}{\sqrt{1 - 2I/c^2}} = \frac{m_0}{\sqrt{1 - (v/c)^2}},$$
where $c$ is the vacuum speed of light, the body is required to have a speed $v < c$, and $m_0 = m(0)$ is its mass at zero speed: or its rest mass. One Lagrangian which generates this relation is:
$$L = \frac{2m_0I}{1 + \sqrt{1 - 2I/c^2}} = \frac{m_0v^2}{1 + \sqrt{1 - (v/c)^2}}.$$
In the limit $c → ∞$ that reduces to the form $L = mv^2/2$ seen in Newtonian physics, with a constant mass $m = m_0$.
If you put the body in a system, where it has interaction with other parts of the system, then the above arguments on symmetry with respect to location and direction don't apply anymore, though they may apply to the system as a whole. An example of a Lagrangian that includes such interactions and is a second order polynomial in $𝐯$, but generic as a function of position $𝐫$ is:
$$L(𝐫,𝐯) = L_0(𝐫) + 𝐋_1(𝐫)·𝐯 + L_2(v^2/2),$$
which combines a Lagrangian $L_2(I)$ for a free inertially-moving body with a velocity-dependent Lagrangian $L_0(𝐫) + 𝐋_1(𝐫)·𝐯$ for the interaction. Here, the corresponding momentum - deemed the "canonical momentum"
$$𝐩 = \frac{∂L}{∂𝐯} = 𝐋_1 + m𝐯,$$
differs from the "kinetic momentum" $m𝐯$, with the inclusion of a positionally-dependent term that might be considered as a kind of "potential momentum": $𝐋_1(𝐫)$. Cases in point include the interaction with the electromagnetic field
$$L_0(𝐫) = -e φ(𝐫), \hspace 1em 𝐋_1(𝐫) = e 𝐀(𝐫),$$
where $φ$ is the electric potential and $𝐀$ and $e$ the electric charge of the body; or more generally with its generalization: a gauge field
$$L_0(𝐫) = -\sum_a{e_a φ^a(𝐫)}, \hspace 1em 𝐋_1(𝐫) = \sum_a{e_a 𝐀^a(𝐫)},$$
that may have two or more sets of components indexed by $a$; e.g. the weak force has 3, the electro-weak force, which electromagnetism has been subsumed within, has 4.
As a footnote: in his treatments of electromagnetic theory in the 1860's and 1870's, Maxwell called $𝐀$ the "electromagnetic momentum", so he did actually think of it as something connected to momentum; here: a potential momentum per unit charge.