Until you compare a single machine with nvme to a cluster of storage servers with nvme, and each machine has 800Gbit connectivity and you use smart replication for herding. but yes, nvme definitely has amazing transfer rates.
> Until you compare a single machine with nvme to a cluster of storage servers with nvme
No, only as long as you compare against a very low number of machines with local nvme.
The sum of the bandwith available on typical storage device (even cheap and low end) will be at most times greater than what you have of your expansive top of the line cluster
If you have a single local storage, you don't have scale, so you won't have money for an expansive top of the line cluster either. But if you are wasting money on it, yes you will have more bandwidth, but that's a degenerate case.
If you have a few local storage machines, the assumption gets very wrong and very fast: 1 low end tier nvme=1 G/s at worst, one top of the line WD 990: 8G/s at best, so we're talking about a ratio of ~ 8 in the most favorable scenario.