if it fits in the slot, it would surely work
If you got something like the ASUS Hyper M.2 x16 Gen 4 Card:
https://www.amazon.com/ASUS-M-2-X16-Expansion-Card/dp/B084HMHGSP
https://www.asus.com/us/motherboards-components/motherboards/accessories/hyper-m-2-x16-gen-4-card/
Then there are specific motherboards listed that support the bifurcation requirements.
Of course, if your x16 slot is taken up with this thing, you can no longer use the slot for a graphics card.
Perhaps the cheapest way forward would be to use your x16 slot for graphics, and distribute your 4 M.2 cards using multiple adapters in the smaller slots (if you have room for that). One of the adapters might need to be PCIe x1. Well, cheaper than Threadripper!
The poll in question:
https://docs.google.com/spreadsheets/d/1DtCAcUi-gQi-imKgXR4N_NJkgLbwBEYA/edit?usp=sharing&ouid=107857247170786005927&rtpof=true&sd=true