Martin, many thanks for your comment.
I know woefully little about how MacOS actually works and had a vague notion about the SSD part of a Fusion Drive as being simply extremely fast static storage for much of the OS itself as well as various apps and stuff favoured by Apple as being important for "the Apple Experience".
So does MacOS prefetch from the HDD and cache stuff in SSD, somewhat like CPU prefetch caching? (It's ok, Martin, I'm not asking for a MacOS tutorial, lol.) Whatever, I'm certainly prepared to agree that the Fusion Drive may seriously complicate the issue here.
When I get time I'll try moving a big VSL library back into one of my bootable clone backup hard disk drives (LaCie D2 Thunderbolt with 7200rpm Barracuda delivering up to 220 MB/s best read speed), then boot the iMac from that drive and see what Synchron's speedometer says. And while booted in that HDD I could also try switching the Synchron Player's library path back to the external T7 SSD and check Synchron's speedometer readings again. I'll get back to you with test results asap.