I concur with Jeremy.
I have a MacStudio M1, 64/2TB.
Work in progress stays on the internal drive but ingesting to an external 4TB SSD...
HDDs are cheap, fast, reliable and large so it make little sense not to back up to a couple of them, storing at least a copy off site which is what I do.
For my system, I've also set up a separate TimeMachine back-up on a 2.5-inch drive which comes in handy occasionally when I toss a file I shouldn't have.
In over two years, my system has been fast and I've had no problems running PS, Topaz AI and the NIK Collection and on files that have had to be saved as PSB format as they were too large for TIFF or PS saving--lots of layers or lots of pixels in panos, stitched and stacked images.
For many 32/TB should be enough. Even my MBP M1 with 16GB has had little issue in processing files when I'm on the road for the most part. However, in the studio having more RAM and storage just makes work a little more efficient.