[wtallis]

For a drive, yes, SATA and NVMe are mutually exclusive. The M.2 slot can provide both options. But if you have a machine with a M.2 slot that's only wired for SATA but not PCIe, your choices for drives to put in that slot have been quite limited for a long time.

[verall]

There were even M.2 PCIe-connected AHCI drives - both not-SATA and not-NVMe. Samsung SM951 was one. You can find them on ebay but not otherwise.

[wtallis]

At least the Samsung and SanDisk PCIe AHCI M.2 drives were only for PC OEMs and were not officially sold as retail products. There were gray-market resellers, but overall it was a niche and short-lived format. Especially because any system that shipped with a PCIe M.2 slot could gain NVMe capability if the OEM deigned to release an appropriate UEFI firmware update.