The M2 Ultra has 32 off-world PCIe lanes, 8 of which are obligated to the SSDs. That leaves only 24 lanes for the 7 slots. That's 8 times less than you'd get from an EPYC, which is the kind of thing a normal user would put in a rack if they did not need to use macos.
The M2 Ultra has 32 off-world PCIe lanes, 8 of which are obligated to the SSDs. That leaves only 24 lanes for the 7 slots. That's 8 times less than you'd get from an EPYC, which is the kind of thing a normal user would put in a rack if they did not need to use macos.