Unfortunately, at this time, you can't boot a Raspberry Pi 4 off an external drive. But you can force the Raspbian OS to use an external drive for its "root" partition, which holds all of its programs and data. So, in effect, you have a small boot partition on a microSD card but the meat of the entire operating system would still live on your speedy SSD or Flash Drive. A future firmware update will allow the Pi 4 to boot off of external drives, no microSD card required.
Is this only relevent to pi4 or do the previous gen PI's also suffer from this?