This is something that you have done in the problem: $$\lim_{x \rightarrow 0} \frac{\sin^2(x) - x^2\cos^2(x)}{x^4}=\lim_{x\to 0}\frac{x^2-x^2(1-\frac{x^2}{2})^2}{x^4}=\lim_{x\to 0}\frac{x^4-\frac{x^6}{4}}{x^4} =1.$$
However, notice that $\sin x=x-\frac{x^3}{3!}+o(x^3)$ and thus $$\sin^2(x)=\left(x-\frac{x^3}{3!}+o(x^3)\right)^2=x^2-\frac{x^4}{3}+o(x^4).$$
So, if you replace $\sin x$ with $x$, you'll miss $-\frac{x^4}{3}$, but $\lim_{x\to 0}\frac{-\frac{x^4}{3}}{x^4}=-\frac{1}{3}$ exists.
Thus, the limit should be $1-\frac{1}{3}=\frac{2}{3}$.
Edit: I recommend you to combine the limit $\frac{1}{x^2}-\cot^2x$ to get $\frac{\sin^2x-x^2\cdot \cos^2x}{x^2\sin^2x}$ first, then for the denominator, you can use $\sin x\sim x$ to get $\frac{\sin^2x-x^2\cdot \cos^2x}{x^4}$. Then, you should be careful of what to do next. You should consider the expansion up to $x^4$ since for $x^n(n\geq 5)$, the limit will be $0$. For $\sin x$, I've shown the reason above; For $\cos^2x$, $\cos x\sim 1-\frac{x^2}{2}$ is enough since if you add $\frac{x^4}{2}$ then square it, you'll get some new terms with at least $x^4$ compared with $(1-\frac{x^2}{2})^2$. And with a multiple of $x^2$, it will generate degrees of at least $6$, so we don't need to consider more.
Edit: For $x^2\sin^2x$, if you try to expand, you'll get $x^4-\frac{x^6}{3}+o(x^6)$. In layman's terms, $x^4$ dominates. I'll give a simple example: $\lim_{x\to 0}\frac{3x^3-x^7}{x^3-x^4}=3$ since it is the same as $\lim_{x\to 0}\frac{3-x^4}{1-x}$. Thus, $x^4$ in the denominator doesn't really do anything. In conclusion, if $x\to 0$, then you only need to consider the lowest degree as $$\frac{...}{x^4}\frac{x^4}{x^4-\frac{x^6}{3}+o(x^6)}=\frac{..}{x^4}\ \text{as}\ x\ \text{approaches}\ 0.$$
If $;f_1\sim g_1;$ and $;f_2\sim g_2\quad(x\to a),;$ this does NOT implies $;f_1\pm f_2\sim g_1 \pm g_2\quad(x\to a)$.
– gpassante Nov 15 '24 at 07:58