Can you run a virtual machine on a fast external hard drive?

Are external hard drives fast enough to run a virtual machine? Recently I purchased a 2TB SSD from Crucial to run on my MacBook Pro.  I ran some tests with a Windows 11 OS and Visual Studio 2022.  The SSD has a read and write speed of about 600 MB/s while the internal hard drive is almost 10x faster at 5,000 MB/s.  What do real world test results show?

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