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Nah they could have made it work... just like I can still choose to put either one of those drives in my computer.
Pcie 3/4 is backwards and forward compatible.
I'm not 100% but you'll probably be able to put a gen 3 in that expansion bay and use it as storage. It just won't be as fast for loading and the ps5 may not recognize it as being able to play next gen games from because the read/write speeds are about half of pcie gen 4 drives.