Generally external HDD will outperform internal HDD
Internal SSD will outperform external SSD but pretty minimal difference
Further testing with PS4 Pro and internal vs external SSD numbers in the video
https://www.youtube.com/watch?v=ypQTC6Rt0jk
Internal SSD will outperform external SSD but pretty minimal difference
Code:
PS4
Int HGST HDD Ext 4TB HDD Ext 480GB SSD
Fallout 4 57.26 44.53 30.06
Witcher 3 1.35.38 1.27.42 1.17.09
Battlefield 1 1.10.12 54.25 33.00
Further testing with PS4 Pro and internal vs external SSD numbers in the video
https://www.youtube.com/watch?v=ypQTC6Rt0jk