After running three different loads of AC IV, I saw some interesting data and wanted to investigate further, so I ran some more tests. Clearly, a pattern is revealing itself with the Seagate 1TB SSHD. After the first load, which we EXPECT to be slower with a hybrid drive as it loads data for the first time, the times decrease a bit in Run 2 and Run 3, but INCREASE again in Run 4. Then drop again in Run 5. And so on.
It would appear that with only 8GB of flash on the hybrid drive we are seeing some "rolling" data changes, possibly because the load for AC IV plus the OS files are going over the 8GB point. This effect might not show up in other games going forward depending on the amount of data required, or might be common across most games going forward. We'll have to see how performance moves going forward but clearly the SSHD leaves some questions for us on performance.