Noting in particular that the PS5's internal storage isn't just "an ssd", it's a gen 4 drive that can sequential-read at up to 5500 MB/s.
By comparison a SATA III port caps out at 6Gbps (750 MB/s), and first generation NVMe drives ("gen 3") were limited to 3500 MB/s.
the speed is one thing but seek times are just orders of magnitude different too.
SSD on SATA is still "not bad" for most games, but HDD can be awful if game does not do much sequential