A few comments about SSD drives: The smaller the drive, the less overprovisioning in the drive, which means it will last less long than a larger SSD. So, the 2TB drives will tend to last longer than the 1TB drives. Additionally, all SSDs have a cache to make them appear faster than they really are. The only test you did that got beyond that cache was the two large file test. That will have shown the actual speed of the drive.
And the reason why Apple’s larger internal drive is faster on the M2 Mac is because there are two physical NAND chips on the motherboard (which is the storage). Writing to and reading from two NAND chips is faster than just one. I think that Apple’s low-end drive offering is designed to meet a price point with a less-useful system. I would not purchase the 256-MB system; there is not enough room for the OS and for applications on that drive. Also, you would have to move your /User space to the external drive. On a laptop, that would be a real pain.
Finally, you lose ports for every drive you plug in. With the M2 Mac Mini, if you are operating with two Apple Studio Displays, you have no Thunderbolt ports, save the USB3 ports on the display. The Mac Mini with the M2 Pro has four Thunderbolt ports, so an external drive is a possibility. Now, not everyone is going to hook two Apple Studio monitors up to a Mac Mini but the limitations in these systems quickly become apparent when hooking up peripherals.