It will depend on two primary things:
Which USB version it is using, you want minimum 3.0 (also called superspeed)
The kinda storage you store things on. You will want a SSD. Biggest bang for your buck in terms of performance.
Games that are more intense on your GPU should be installed on the local SSD, where there's direct access to the GPU, rather than being bottlenecked by the USB cable.
USB 3.0 and up
SSD
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