eMMC is quick and reliable, but I am noticing that people with Blue’s and ODroids are starting to find their chips are wearing out and about ready for replacement this 3-4 years in. Not horrible, but I would have a spare chip. Not as bad an an SDcard.
An SSD you need a hub with an external power supply to make it reliable and not get glitched by or draw down the main power.
I think I would get a big eMMC so lots of room, flash that and use it, have the eMMC it comes with as a spare.
When I set up my HA Yellow, I chose to run everything off of a 1TB Samsung NVME SSD. It has been running smoothly ever since. Since the eMMC on the CM4 is not user-replaceable, I chose to not worry about it being worn out over time. The NVME drive should last for many, many years without having to worry about it.