For years I kept my Lightroom catalog (not images) on an external HD because it was big enough that my small internal drive wasn't where I wanted it. Later I put it on an external SSD. That helped a lot with the thumnails loading but there were still many times when I would sit a wait a bit for thumbnails to load. I have roughly 100,000 images. Recently with my MacStudio and an 2TB internal drive I moved it to that. Boom! I can now open LR and scroll through all 100,000 images with exactly 0 wait for any thumnail to appear. Just thought I'd mention this because for me, this is huge. I'm going to have a hard time justifying trading in my M1 Studio Max 2TB/64GB for an M3 when they come out but I'll find a way.