A:AnswerThis one is not officially licensed for PS5 it’s just Ps5 ready. The specs are identical as far as I can tell from Seagate's spec sheets. The NVMe vs M.2 naming is just semantics, they are identical interfaces. The only difference seems to be that this one is “PS5 Ready” whereas the other one is “ Officially licensed for PS5”.
A:AnswerYes, the device is installed in a port easily accessible under the playstation's top cover. The port is designed for additional SSD memory to be installed. You can then select the storage location for games from settings to be either the internal storage or this SSD. I am playing Harry Potter on it right now.