Perhaps some clarification is in order. Originally, I thought you were talking about a Thunderbolt 3 bus-powered hard drive. OWC has a couple of those, as does Samsung. A true Thunderbolt 3 SSD can be much faster than any USB drive. They are relatively inexpensive considering their speed, but they are only available as bus-powered devices, at least as far as I’ve seen. There are some self-powered external Thunderbolt 3 devices, but they are meant for the RAID market and priced accordingly. You probably could connect one of those self-powered RAID devices to an older Thunderbolt 2 machine using the adapter. But the power issues mean that you can’t connect a bus-powered Thunderbolt 3 device to a Thunderbolt 2 machine using the adapter. I know, because I’ve tried it. I don’t know the details of all possible adapters and drives. I can’t claim to have tried them all.
If you just want “storage” and you want it cheap, then by all means, go USB. But remember, it’s cheap. I bought a couple of bare USB/SATA adapters for doing Fusion tests and one of them just stopped working the other day. It was only about $15, so no great loss. But to be clear, Thunderbolt, even Thunderbolt 2, is a higher quality connection and protocol. It does things that USB can’t. It might not be worth it to many people to pay for the difference, as it can be a couple hundred dollars more.
I don’t know what Apple was thinking. Yeah, it is a convenient port. But USB-C is just one of a long list of issues about modern Macs that is just horribly confusing.