My approach over the past decade has been to put my operating system and all user accounts on the fastest drive compatible with my hardware and use a more economical storage solution for content consumption. That basically accelerates system performance over a wide range of usage cases whether it be multimedia editing, web browsing, whatever.
I did this initially on my Mac mini 2010 Server in late 2011 or early 2012 (I forget the exact date) which had two 500GB 5400 RPM Hitachi spinners. I replaced the primary HDD with a 128GB OCZ Vertex 3 SSD and upgraded the secondary HDD to a 1TB 7200 RPM spinner. I put my iTunes Library and photos on the HDD. Wow, it was like a new computer.
Most of the disk writes during gaming will happen on your system drive regardless whether or not your games live on an auxiliary drive or not. Gaming in general is mostly about sequential reads whether it be loading new levels and content (like models and textures) or playing back video cutscenes (which is now pretty old school).
System drive performance is heavily dependent on random writes.
Thus I'm pretty happy using B550 motherboards for gaming which usually one Gen4 m.2 connector (CPU) and one Gen3 m.2 connector (chipset). Putting my games on the secondary m.2 Gen3 stick doesn't slow down the framerate. It's already fast enough to load new levels quickly. I have one X570 motherboard but I don't notice any faster gaming performance. ]
These builds have one Gen4 m.2, one Ge3 m.2, and usually a SATA SSD. The latter has the best price-per-gigabyte value but still fast enough for 4K video playback.
Drive performance degrades when the drive is nearly full so I avoid filling up the system drive. Whether it's my Mac mini or my various Windows PCs, the system drive generally is less than 25% capacity. The only exception is a Acer notebook (256GB SSD) that is closer to 40%. My current Mac mini 2018's system drive has stayed between 11-13% capacity for the past three years. It is extremely unlikely that I will ever exceed 30% usage on the system drive.
Likewise my primary PC gaming build (described in the system specs) is about 13-15% capacity on the 1TB Sabrent Rocket Plus m.2.