It does, but if you look at the mainboard manuals of computers, usually it's 32 lanes of which 16 go to the GPU slot and 16 to the southbridge, so no storage directly attached to the CPU. Laptops are just as bad.
Intel has always done price segmentation with the number of PCIe lanes exposed to the world.
Threadripper AMD CPUs are a different game, but I'm not aware of anyone, even "gamer" laptops, sticking such a beast into a portable device.
> Latency is also significantly worse when you trigger a page fault and then need to wait for the page to load from disk before the thread can resume execution.
Indeed, but the difference in performance between an 8GB Windows laptop and an 8GB M-series Apple laptop is noticeable, even if all it's running is the base OS and Chrome with a few dozen tabs.