I think people touting the M.2 interfaces are going to end up disappointed. I don't think these are open to high performance without cutting into the overall bandwidth (not sure if I'm using the right term here) of the PCIe implementation. I don't think they're there for expansion at all to be honest.
It isn't 'expansion' as much as 'replacement'.
Pretty good chance that they do. If the PCI-e was there because they were playing at the notion of x4 (or possibly x8) PCIe v4 GPU provisioning, then doing a x4 PCI-e v4 SSD isn't going to be that much of a stretch. Some reports has stated that there are x12 PCI-e v4 lanes and x4 v3 lanes ( for M.2 WiFi cards; which are shorter and different size ** ). If there really is a x8 there for contingent GPU usage and pragmatically have abandon it , then the notion that there isn't enough "backhaul" for a x4 link is not very likely.
Perhaps it is a 8+4 PCI controller cluster with only a x8 like bandwidth limit to the internal inter-cluster network, but that will do just fine for a sole x4 connection. Even more likely not a problem the PCI-e root controllers were split. Not an issue if a 8+4+4 PCIe root controller where the second '4' is that 'downclocked' v3 if have a x8 worth of backhaul to the internal network ( x8 backhaul and effectively x6 usage. )
There is no other "single drive" interface for this thing (there are no proprietary storage connector). It has to boot off of something. Response time for Wake-from-sleep/hibernation is going to be a factor. Slower SSD isn't going to help with that.
Qualcomm data sheet says
" SSD/NVMe Interface: NVMe SSD over PCIe Gen 4 "
Snapdragon X Elite is the most powerful, intelligent, and efficient processor in its class for Windows. Featuring: built for AI, multi-day battery-life and more.
www.qualcomm.com
"... The Qualcomm SoC is said to have at least 12 PCIe 4 and 4 PCIe 3 lanes for connecting various kinds of devices. NVMe SSDs are supported with a throughput of up to 7.9 GB/s; ..."
x4 PCIe v4 is 64 Gbit/s ==> 8 GB/s. NVE protocol over that with a small drop.
If you try to drive a GPU and top end x4 SSD both at full bandwidth. Yeah, I wouldn't be surprised if you ran into problems. And if someone tried to build some dual internal x4 M.2 SSD system, that might get bottlenecked. But I doubt you are going to see such systems. I have no doubt some Windows vendors asked for it, but I doubt Qualcomm really wanted to do that. It is theoretically there on 'paper' for some checklist ( > 4 lanes for more configuration options) , but really not part of the target market for v1.
If try to put a future v5 SSD the system is only going to report v4. ( AMD/Intel systems that have a x8 PCI-e v5 provision can just re-task that to x4 v5 SSD M.2 if they skip a dGPU. In previous systems Apple would re-task discrete Thunderbolt controller to the 'dGPU' links of a Intel processor on 13" models that skipped a dGPU. )
The more likely second x4 PCI-e device pushed into these Qualcomm powered laptops would be the Celluar modem. Which are like the Wi-Fi bluetooth module and are running at x4 PCI-e v3. [ backhaul x8 and effectively x8 usage wouldn't be major problem. The radios wouldn't be hyper stressing their v3 connections. There is some buffer there on the usage side. ]
** Qualcom's FastConnect 7800; Wi-Fi 7 tops out at 5.8Gps which x4 v3 can cover. ( x1 v4 would be more energy efficient but not as widely compatible in the generic Windows Wi-Fi M.2 card market. )
P.S. In terms of picking a v4 M.2 SSD that is 'high performance' where choosing to run hotter, then I suspect other chassis besides this ASUS one will be better choices (e.g., will have more space around M.2 slot and perhaps better airflow ). The dual fan cut outs are not 'free' and compact the spacing on the motherboard tighter. Every implementor doesn't 'have to' do that. (and other systems will have more room; 16-17" )
P.P.S. for long term prospects ( Oryon v3 ? ) it is useful to have a x8 PCI-e provisioning so can build developer system so folks can experiment with dGPU cards. But short-intermediate term to 'pain' of getting pragmatcially divergent GPU drivers ready is probalby not worth the 'drama'. Focusing most Windows developers on the iGPU that is always there is far more critical. That x8 GPU thing is only for a fringe camp; not a target market.
Once open up to laptops where there is thermals for hefty dGPU then there is likely also room for a bigger CPU footprint also. Therefore, loosing some of the leverage have against inertial of x86-64 options. It is not where the bulk of the laptop market is going anyway ( dGPU is on a downward trend line 2024-25 in aggregate laptop market. ).