Yes, it matters, to a point (depending on the rest of your storage devices to be used).
First, there are two basic types of M.2 SSDs: one is
PCIe-based and one is
SATA-based.
PCIe-based M.2 SSDs can run in
faster speeds, for example, at PCIe3.0 x4 speeds (up to ~32Gbps max.). These PCIe-based M.2 SSDs have either a Key-M, or a Key-B, or a Key B+M.
Key-M M.2 SSDs can go up to
full x4 speeds, while
Key-B and
Key B+M can only go up to
x2 speeds (~16Gbps in PCIe3.0).
On the other hand,
SATA-based M.2 SSDs only run at the
same speed as your regular SATA SSD devices (up to ~6Gbps max.). These SATA-based M.2 SSDs can also have the same keying, but, can only reach such relatively slower SATA speeds.
Your motherboard only supports
Key-M M.2 SSDs.
The 4-/5-digit numbers in the specs you posted, such as "
2242", "
2260", "
2280", "
22110" pertain to the
physical length of the M.2 SSD, which doesn't matter much nowadays as most available M.2 SSDs are
standard 2280 in length (i.e., "
22mm"
wide x "
80mm"
long - hence, "
2280").
In your Asus Z270-E motherboard, the
M.2_1 slot (the one on the
bottom) can support
either PCIe-based or SATA-based M.2 Key-M SSDs. The
M.2_2 slot (the one on
top) can
only support
PCIe-based M.2 Key-M SSDs (
not SATA-based).
When you plug in an M.2 SSD on the
top slot (i.e., the
M.2_2 slot which only supports PCIe-baed SSDs), it
may or
may not share lanes with (i.e., disable) two out of your six SATA ports (i.e., the
SATA_5 and
SATA_6 ports),
depending on what speed the M.2_2 slot is configured in your BIOS. If the SSD is running
at full x4 speed, it
will disable SATA_5 and SATA_6 (you will be left with only 4 SATA ports to use). If the SSD is
only running at x2 speed,
SATA_5 and SATA_6 can still be used (alongside your 4 SATA ports). To do this go to BIOS:
Advanced Menu > Onboard Devices Configuration > M.2_2 PCIe Bandwidth Configuration > select either [X2] or [X4]
Now, if you plug in an M.2 SSD on the
bottom slot (i.e., the
M.2_1 slot), you can also configure this slot to run either in
PCIe-mode or
SATA-mode. If you set the M.2 SSD to run in
PCIe-mode,
all of your six SATA ports will be available. If you set the M.2 SSD in
SATA-mode,
one out of the six SATA ports will be disabled (i.e.,
SATA_1). This is what is meant by the specs you posted "
Adjust BIOS settings to use SATA device" (i.e., pertaining to using a SATA-based M.2 SSD on the Asus Z270-E). To do this, go to BIOS:
Advanced Menu > Onboard Devices Configuration > M.2_1 PCIe Bandwidth Configuration > select either [SATA mode] or [PCIE mode]