On my 2014 Mini I have an internal 256 and a Samsung T5 500. The Samsung is my Photos library. Then I have 2 Seagate 8TB Backup hubs. One is my iTunes library, and the other is my Time Machine drive which backs up my internal SSD, the T5, and the iTunes drive (which uses around 2-3TB of the 8. The TM drive also dual purposes as the backup drive for my 15MBP which has an 1TB SSD.
If you're talking about music and movies for playback, you can put them on an ordinary external hard drive or drives, and if desired via a server such as a cheap second-hand 2014 Mac mini. There's no need for any of these kinds of files to be on the internal SSD of a Mac Studio.
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