PlayStation 5 PS4 games on external storage on PS5

Hey everyone, just got a ps5 and I would really appreciate it if you would help answer some of the questions I have regarding transferring ps4 games onto an external hard drive on ps5

1) Can I install ps4 disc games directly onto an external hdd connected to my ps5? if yes when I access the game from the hdd to play, will I still need to put the disc in to play? Furthermore, do these ps4 games on the hdd still benefit from faster loading times and increased fps even if they're not installed on the ps5 ssd?

2) Would it be better to get an external ssd drive to store these ps4 games instead of hdd? does ps5 support that?

I'm really sorry for the many questions, but I would be super grateful for a thorough answer. Many thanks in advance!