Whatever option you choose, make sure you keep both Launchbox and all the image / video files on a fast drive, whether SSD or NVMe. Launchbox is demanding as hell. As for drives to store your actual ROMs, any reason why you need external? A cheap internal drive like this will blow away an external drive.
It was a WD blue purchased on amazon.
Link to specific page: https://www.amazon.com/dp/B087QTVCHH?ref=ppx_yo2ov_dt_b_product_details&th=1