On a former iMac of mine I tried to install Windows 10 on an external SSD but discovered that W10 doesn't allow it - apparantly it due to licensing reasons. In contrast, installing macOS on the external SSD did work. However, now that the T2 chip has arrived in 2020 iMacs, is installing macOS on an external SSD still possible (without a hassle)?
If it is, I would install W10 on the internal SSD and macOS on the external SSD.
If it is not, I would create two partitions on the internal SSD - one for macOS (and macOS apps) and one for W10 (and W10 apps). I would also create two partitions on the external SSD - one for macOS data and one for W10 data. By the way, TimeMachine can include external drivers in backups:
www.macworld.com
If it is, I would install W10 on the internal SSD and macOS on the external SSD.
If it is not, I would create two partitions on the internal SSD - one for macOS (and macOS apps) and one for W10 (and W10 apps). I would also create two partitions on the external SSD - one for macOS data and one for W10 data. By the way, TimeMachine can include external drivers in backups:

How to make sure Time Machine backs up external drives
A reader wants to shift his Photos and iTunes libraries to an external drive and ensure they're backed up by Time Machine.
