What is the most efficient setup of storage? NVME, HDD, SSD

As Trevor says.

You need to open the case and look at your motherboard, and see how many M.2 ports you have. Usually there will be two, but on a newer board there could be three or even four. 1 TB or 2 TB NVMe isn't really expensive these days.

Drive wear is a vastly overrated issue. What few people realize is that even on a system drive with nothing else on it, there will be constant read and write activity. Your Windows user account is a beehive of constant activity. It's very far from "read-only". So putting other files there, or the Photoshop scratch disk, makes no difference.

Inasmuch as there exists an ideal setup, I would say a system drive with OS/applications plus the Photoshop scratch disk is a natural. That should be 1 TB, anything more isn't really necessary, any less is too little.

Note that there is a real speed advantage to the newer generation 4.0 PCIe interface, used by the NVMe drive, as opposed to the older generation 3.0. But the motherboard has to support it.

The importance of RAM (or large amounts of it) has decreased significantly since the NVMes arrived on the scene. Now the Photoshop scratch disk is for all practical purposes instant, and it's no longer the bottleneck it once was. Yeah, I know, it's not "instant" and theoretically I'm sure RAM is still faster - but the point is, you're no longer sitting around waiting for it. If you ask me, 32 GB RAM is really enough now.

Looking at your post again, a fast drive for Photoshop Scratch Space can have a big impact on performance.  Check out the root directory of your primary scratch drive when you have a big project open, and see how much space Photoshop temp files are using?  That can be tens of gigabytes, and it will be written to and read from constantly, and especially if you don't have a lot of RAM. 

You are using Windows, so open the Task Manager and click on the Performance tab, and monitor CPU, Memory and Disk use while using Photoshop.  That will give you an indication on where to improve system resources.  FWIIW, I chose to stick with 64Gb of RAM with a recent new system, because that's what I had in the previous system, and Photoshop never seemed to get close to using its allocated memory.

It's difficult to answer your question without at least knowing what motherboard your system has, if it is a PC, because that determins how many m.2 slots you have.  I have 5.5Tb of NVMe storage, and have mostly retired the HDDs I have had, but still use an 8Tb HDD to archive and back up.  Solid state storage is getting cheaper all the time, and IME is much more reliable than mechanical drives, and NVMe are crazy fast compared to HDDs so use them if you have the slots and can afford them.