An ultra fast external SSD would be useful as a "work" disk for real time, full resolution, uncompressed video production. As a "work" disk, it can speed up the processing of very large software projects which can have thousands of files. The other possible case might be for a high volume file server in a workplace assuming the network has very high speeds.
Other than that, any USB 3.X SSD drive will likely be sufficient. Even though the Mini may not support "dual lane"USB, you could still get transfer speeds of USB 3.2 of 600-800 megabytes per second.
In terms of RAM, especially Adobe apps, you need as much RAM as you can possibly afford. I found in my experience a minimum of 32 GB RAM is needed. With 16GB of RAM, you will quickly get into memory swapping with an editing sessions of any length time especially if you have multiple apps open which will definitely slow things down.
Also, with the apps you mention, they can store massive amounts of data in your home library folder such as caches, saved settings, effects, etc. (particularly ApplicationSupport). We are talking 10's of gigabytes that cannot be located elsewhere. So, you will probably want at a mimic of 512GB internal but preferably 1 terabyte.
One last note, for music and video streaming, even a USB 3.0 spinner will be more than fast enough because even 4K UHD HD videos only stream from disk at 30-40 megabytes per second and music is even less demanding than that. It would also be good for just plain archival storage or backup.