Need help understanding ssd upgrade options

3ersty

Hi! I bought a Power Spec G167 a couple years ago, use it daily, has been the best tech item I've ever purchased. I've come to the point where I need more internal storage and need help understanding my options. I currently have a WD 500gb Nvme M.2 , my MB is a B550M-C. AsRock's page says it has

1 x Hyper M.2(PCIe Gen4 x4)
1 x M.2(PCIe Gen3 x2 & SATA3)

Question 1- Can I move my current ssd into the Gen3 slot? Like I realize it will be slower but is it compatible?

Question 2- Whats the fastest/newest thing I can fit into that "Hyper" slot,? and what's the mid range best option? I use the PC for gaming/visual editing. I'm thinking I'm trying to add 2TB but will depend on cost

Thanks anyone who puts in the time to respond. If you just point me in the right direction I can figure out the rest there are just so many products/options for this rn that im getting lost.