As noted by fourfathom, the current in the Zener is only 1mA or so. That may yield a poorly defined clamp voltage.
Lowering R25 leads to a larger standby current. If the input is from a battery say, in automotive system, that can an issue on standby.
I've had mosfet failures in this kind of scheme from ordinary on-off cycles at the input.
Input ripple and crank load dump transients can be a killer too. Solution: Put a Schottky diode across the mosfet.
Let’s assume there is a large bypass cap on the output. When Vin drops below the voltage on this cap there will be a backflow of current through the body diode.
In the end I used a hotswap controler, an LM74500, with an external MOSFET. See datasheet for application schematics.
Ultimately, a full mosfet controler is the best way out of most of the p-channel pitfalls. Solder_Junkie suggests one solution.
A MAX14672ETB+T (Mouser etc) has all you need for a 4.5A protection scheme in one package. It’s about a buck in small quantities.