True, but it is the disk controller for the systems it is installed in and it can only control SSDs. So you'd have the T2 controlling the SSDs
The T2 does not control multiple SSDs. It is part of the single SDD present. There is no plural aspect. It isn't not about multiple disks at all and not type.
The T2 handles both a large subset of the SMC ( system management controller) and boot disk ( where SSDs are the future so an SSD drive) so there is no "security gap" between them. No gap, fewer breaches in boot process. The issue with SATA drives is that they most certainly leave that gap.
The T2 in and of itself doesn't stop booting off other drive set ups. That's more so the firmware. The T2 does protect the firmware (or at least the master copy to cold boot from) from being modified. So there is no "back door' around the firmware.
and a separate disk controller handling the HDDs and CoreStorage trying to tie the two together. I expect the possible failure scenario are rather large and most of them involve data loss.
APFS superseded CoreStorage. It isn't just a "File system" but a volume management system also. The bigger issue is that Apple really is trying to get away from "RAID/multiple disk" boot contexts. APFS dumped Apple RAID format support. ( Softraid is doing some gymnastics to get around APFS not really wanting to deal with it).
The firmware in the context of a T2 probably just doesn't want to deal with multiple devices just to keep things simpler. It is geared specifically for APFS and APFS is extremely focused on just dealing with SSDs. ( Apple has added some HDD and Fusion side-cars to APFS due to the number of deployed Macs that have those, but that probably won't behave as well as many would hope it will over the long term. RAID ( or heavy disk tiering) just runs counter to it. In terms of performance, those are just way behind what modern PCI-e SSDs do.
With APFS's Fusion implementation as long as the initial bootstrap parts of APFS and the EFI parameter data was kept on the SSD tier that the T2 was hooked to ... conceptually Apple could make it to work with more firmware additions and some mods to the Fusion caching heuristics and layout management code. There is are probably three significant blockers. One, that is more work than they want to do. Two, T2 with driving crappy 32GB cache SSD isn't worth it for them. Three, by time finished extra work, the price of SSD $/GB would have fallen even more ( most folks will want to buy the SSD anyway. )
Fusion is probably viewed like Rosetta was. A transition technology that Apple will support for a fixed number of years until can get mostly everyone over to the "new side". T2 systems are on the "new side" ( primary SSD boot ) and not a bridge back to the old.
The other part of Apple's hang up here is their goosing SSD prices higher. If they want folks off of HDDs sooner rather than later they need much saner pricing on their SSDs.