That 500 MB/s figure is theoretical. You mentioned that it was an external drive; if it's USB 2.0, the
fastest it can go is 60 MB/s but that's virtually never attained - in the real world, 40 MB/s is more like it. Also, you mentioned separate drives but whether they're 2.0 or 3.0, they're probably being driven by the same controller chip. The USB controller has to wait for the drive to say it's ready before it sends any data, which means wait times especially if multiple devices are sharing the same controller.
Furthermore, SSDs work most efficiently when streaming single files. Accessing lots of little files - exactly what you'd find in sample libraries with tons of articulations and hundreds of samples per instrument - will slow things down dramatically. Even without taking the interface bottleneck into account, that 500 MB/s could drop easily to 100 MB/s or less.
USB 3.0 drives have a maximum theoretical speed of 640 MB/s, but most top out at around 100 MB/s. Also, you have to read specs VERY carefully - 100 mbps is NOT the same as 100 MBps; 100 MBps is 800 mbps. Not that drive manufacturers want you to read the specs carefully...
There's also confusion about what a spec says is the maximum speed vs. whether real-world devices can attain that speed, which is rare and happens only as the technology improves over time. Think of it this way. A planning commission specs a highway to have four lanes, even though the current traffic could be handled easily by two lanes, because the existence of the highway will lead to increased traffic and maybe someday, four lanes of traffic will go down that highway. They're spec'ing for the future.
Or in other terms, the engine is my car is spec'ed to go up to 140 MPH. I've never taken it over 95