I think Palhinha can be a solution as he covers more ground than William and Danilo combined despite not being as good on the ball. Renato to close off the right wing means no Bernardo who gives us quality in possession but I think that could work too. Bruno needs to step the feck up too, both offensively and defensively. Changing his role in midfield is crucial, I'd even think about playing him out wide as it's clearly not working with him in the middle.
Semedo-Pepe-Dias-Guerreiro
Renato-Palhinha-William- Bruno
Ronaldo-Jota
Something like this maybe?
Could work, Portugal played similarly in the last Euros if I remember properly with Nani playing the Jota position. 4 in midfield packing it and hitting on the breaks.
It's a tough one because since then the number of top attackers have increased a lot for Portugal so you'd want them to put more of them on. I wouldn't like to be Portugal coach right now but one thing for sure the 2 DMs helps absolutely no one.
Personally I quite like Jaoa Felix, he can hold the ball up a bit like Nani and beat players so I'd play him though I know he's quite a bit down the pecking order. Something like
Jota - Ronaldo - Felix
Palhinha/Neves/Moutinho/Bernado/ - DM - Renato
I think if you're going to counter as Portugal do you can't have one of your wide players be as static as Bernado. His best asset is his pass so if consider putting him into midfield. Bruno I've dropped for now since he's looked very leggy for United over the last 2 months, his style requires a lot of movement but he's basically played 2 games a week since June 2020 running non stop and it's caught up with him. Maybe rotate him from the bench.