TL;DW:
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You’ll want a PCIe 3.0 NVME drive at minimum for an optimal gaming experience. Anything beyond PCIe 4.0 is excessive and is a poor use of your money.
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SATA SSDs are still viable but on the cusp of unplayable.
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And lastly no one should game on a HDD/harddrive as the performance is beyond abysmal.
The Gothic 3 community made a extensive study about stutter and optimization steps for HDD vs. SSD (no stutter) in ca. 2010ish for a game from 2006. So, generally for 3D games, yes, except if you compress textures in a trade for higher CPU usage.
Btw, this game looks surprisingly good with the right tweaks atop the community fixes.