Most of the things you are asking are covered on the B200 spec sheets (google: B200 M4 spec sheet).
For B200 M4, NVMe/M.2 were new-ish when M4 was released.
For B200 M4 I'd probably opt for the RAID controller and two SAS or SATA SSDs.
See the spec sheet caveats as there are some gotchas like:
- NVMe SFF 2.5" drives are not bootable.
For B200 M5, the M.2 boot drive is a great (and common) option.
For B200 M5 I'd probably opt for the M.2 single drive. This drive will need to be monitored by the OS as the single drive controller is a pass-through controller.
For B200 M5 there are two M.2 options:
- Single M.2 UCS-MSTOR-M2
- Dual M.2 RAID UCS-M2-HWRAID
As you mention VMware will no longer support SDCard in the near future (what Cisco UCS servers calls FlexFlash, aka bootable SDCard via USB.) so I would NOT recommend SDCard as a boot option today.
If you open a VMware case today one of the first things VMware support will say is "This boot device isn't supported" (even though it IS supported, just deprecated).