What would an example of "other external storage device" be in this instance?
edit: to be clear you can still use a network drive, but how well that works is the big question. It will probably depend on the user and the setup. The Macs in my house backup to a share on a Pi 4. They can still restore files from it just fine.
To be absolutely complete, I could mention that at least one SAS HBA PCIe card exists on the market with support for macOS 27, even. Sometimes bundled with other products...
Really? I guess now that the Mac Pro is discontinued, products like that are on borrowed time.
People also connect LTO tape drives using this interface.
Besides that, whether a throughput limit defeats the point depends on what the "point" was to begin with, as well as what the alternatives are.