How about installing the OS and various applications on the NVMe and mirror the two SATA disks and use them for storing important data you don't want to lose in case of a disk failure? The OS and its applications are easily and fairly quickly reinstalled on a new drive, your data cannot be "recreated" without considerable effort.
While I agree with your point, and my FreeBSD server is indeed set up this way, I'm not sure this is a good idea any longer. Here's why: Today a full OS installation is relatively little data (dozens of GB, compared to user data, which tends to be hundreds of GB or multiple TB), and not really performance critical. On the other hand, having to reinstall the OS and all the configuration is a big hassle (takes me a day or two, getting everything "just right"). The beauty of having the OS on a mirrored configuration (carefully designed that one can boot from either mirror copy) is that the system remains fully functional during a disk failure.
Where I agree: OS stuff can be excluded from backup, in particular from off-site backup.
Now, if the workload includes things like very large files accessed sequentially (video storage), or data that has to be exceedingly durable and exists in many copies, or that requires extremely high performance, then segregating OS and data makes perfect sense. But for a software development workstation, that's unlikely to be the case.
Physical off-site backups are a "trade-off" I have been making since approximately 1989, and not a habit I intend to break any time soon. They protect against a wide range of calamities. I could not think of a better use for that M.2 stick.
Sadly, for complete off-site backup, I'm still relying on a physical disk drive that is brought home once a week or month, updated with recent backups, and then stored at a building dozens of km away, so it is likely to not be affected by the same disasters (earthquake and fire is what we worry about here in California). I'm doing some cloud-based backup, but that is still not working completely, and restores from the cloud have never been debugged or tested. That is particularly embarrassing as for many years my day job was building cloud-based storage with inter-continent backup. I just don't have enough time to work on my home system.