I haven’t tried it myself, but I have read other reports that yes, even a slow hdd in a USB enclosure will produce stutter free gameplay, albeit with particularly slow loading times.
Finally jb 4.03 ps5 and few list of issues not sure if anyone else is facing.
Ghost of tushima, cracking sound during game and cutscenes
Kena, frame drops freezing for milisecond.
Sackboy, minor cracking sounds.
Returnal, does not boot to menu...