I get your point. And there may be advantages in convenience in some cases and on base config 256 models perhaps you are right about performance in very rare use cases involving long sustained continuous writes like recording video and multitrack audio? I just suspect you're not going to exceed that read speed you just posted for internal 256 while using thunderbolt 4. Though the write speed may be bested conditionally, you will suffer from a tiny bit of extra overhead utilizing the controller chips within the pipeline to your external drive vs internal.This thread is titled: "Mac Mini 256GB SSD users: How is your experience running MacOS from an external drive?" . . . are you confident in your assertion: " . . . it’s never a clear win for performance on Apple Silicon running macOS on external SSDs regardless of internal SSD."
A reminder: (from a reddit thread - other mini M4 256GB owners may agree/disagree):
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For reference, I just tested a top-tier performance 4TB SSD in one of the best enclosures for thunderbolt 4:
And just for giggles here is the M4 Pro internal: