My opinion (because it’s possible that someone needs to correct me) is that the faster and larger the storage, the less it matters.
The advice to store various components (system, project file, footage, cache files…) on different volumes was absolutely critical with hard drives because they were so slow. Having data move over separate parallel streams helped a lot.
SSDs make that less necessary but again, it depends on how fast they are. With SATA SSDs, limited to 500MB/sec or so, splitting files across multiple drives should still make a noticeable difference. With NVMe SSDs, which can be 1000–3000+MB/sec over a connection that can handle that, it should be less necessary because it’s more likely they can handle multiple large data streams simultaneously.
SSD size matters too. Larger SSDs tend to be faster because the controller has more lanes to the storage chips, resulting in parallel data flows, which is the benefit we get from multiple volumes.
So that’s the spectrum: Hard drives or SATA SSDs require splitting video projects and cache files across drives, but NVMe SSDs (especially high capacity) might not, depending on the typical complexity of your projects which is another variable.
If your D drive is a large fast NVMe SSD and you have no complaints so far, I think it’s OK to put everything on it. But if you do see lags like dropped frames it would be worth trying to split them across drives, with the media cache files on the faster SSD.