Big Sur doesn't do Windows any differently than El Capitan. Its configuration software may be slightly different, but Boot Camp itself still only works on internal drives.
I think you are confused by terminology, or aren't clear what you are calling what.
28 megabits a measure of data bandwidth during download.
12 Gigabyte is the size of the OS.
The true requirements for space needed for Big Sur are as follows:
Big Sur (macOS 11) Sierra or later required 35.5GB or 44.5GB for El Capitan and earlier.
If your computer has less than 50 GB free space, chances are the space that is continuous is much less, and you won't be able to install Big Sur.
To free up space, delete the Mac OS Install Data folder in your applications folder and empty the trash once you verify there isn't anything there you want to backup.
Backup your data using this tip for guidance.
Backup now, or forever hold your peace - … - Apple Community
Please note, Mojave is the last OS that supports 32 bit applications. Upgrading to Big Sur means upgrading all your Mac OS applications that are not 64 bit. This is covered in more detail on the Catalina tip.
It is possible the real reason to upgrade to Big Sur is that other virtualization engines (other than Boot Camp) which may support external hard drives might require Big Sur.
I don't recommend running a whole operating system on an external drive, as the system energy saver settings put hard drives to sleep, and awareness of low power mode on external drives both can contribute to drives dropping when the computer lid is closed or goes to sleep. This will result in a kernel panic, and automatic reboot of your computer, not giving you chance to save your data of open applications.