I'd say that the differences are barely noticeable in every day life. You might get a little more speed (more spindles) and less impact if a drive fails with your first option (4 drives - 2 partitions), but you get more flexibility for placing larger VMs and less management overhead with the second option (2 drives - one partition). I'd probably pick the second option. But in the end it also depends on your overall architecture and SLAs you need to fulfill.
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