Games read from disk the whole time, not just during loading screen.10GB of data going into the system memory on that loading screen take would take about 1,25 seconds on the PS5 to load with compression technique and 2,08 seconds on Xbox.
Once you get to 2GB/s or so, the speeds really become less and less material and the I/O speed less important.
100Mb/s vs 400Mb/s yes the difference is massive (100 sec vs 40 sec (approx))