Library and media on one M.2 external SSD drive

Normally I edit with two external SSD drives. One for my media and one for the FCPX library. Currently I am rethinking my workflow. I am thinking of buying one fast and big M.2 SSD drive for both the media and the library. Is there a known problem for this workflow and if yes, what is a better way? Till a new 16" is annouched, I am using FCPX on a base M1 Air. So I am going to use Thunderbolt 3. I am working with mainly ProRess and occasionally BRAW. What do you guys think? Thanks in advance.

I use one HHD RAID and all my Libraries are self-contained (managed media) and I have zero issues with performance. I think the two SSDs as you have now is a bit overkill.

I have used a Thunderbolt 1-connected SSD with an old 2012 MBP in the past with Library and media in one folder on the SSD. Basically, I had a project folder with the Library inside it along with other folders containing original footage, stock footage, music, SFX, GFX, etc.  So everything associated with the project is in one place. I had no problems at all.

I now have an M1 Mac Mini 16GB RAM using the same approach. I'm using a 2TB M2 NVMe SSD (in an OWC Envoy Express enclosure) connected with TB3. So far, absolutely no problems )other than an unrelated audio issue).