Get 2TB.
Not sure 1TB is even enough for UE4 anymore tbh. A lot comes down to the types of projects you’re specifically working on. For example, Megascans-class electric-dreams ultra-realism tends to eat storage. Plus in general, here’s why you need as much as possible…
The OS takes up a bunch, 100GB at least. Other apps at least the same or more. Pagefile can easily run over 100GB at times. DDC can also take 100GB easily. Sample marketplace packs will eat the rest (500GB minimum but often more than 1TB)… You need lots of packs installed while you’re busy developing in the middle of projects. Later you can migrate projects and save some storage space maybe.
Then there’s the thorny issue of different engine versions. All of them need their own unique space (allow for extra DDC too). So if you have 3/4 engine versions + plugins plus versioned marketplace assets, this will eat storage fast. So be comfortable, get at least 2TB.
You can find external-storage pretty cheaply online especially HDD. 20TB often costs 100-200 USD / EUR or less in lots of places.