List as a "sentence" vs List as an [closed]

I am using Intl.ListFormat to concatenate an array of items into a string.

e.g: ['Lorem', 'Ipsum', 'Dolor', 'Amet'] becomes Lorem, Ipsum, Dolor and Amet.

By doing this I feel like I am sacrificing semantics and potentially accessibility (e.g screenreaders) by using a paragraph instead of an unordered list (below). Is this concern justified?

<ul>
  <li>Lorem</li>
  <li>Ipsum</li>
  <li>Dolor</li>
  <li>Amet</li>
</ul>

vs

<p>Lorem, Ipsum, Dolor and Amet</p>