Rocket Lake-S is rumored to launch in 2021 at the latest. The latest leak on the subject seems to prove that it will upgrade to PCIe 4.0 at this point. It comes in the form of a new set of SiSoft results originally spotted by the leaker @TUM_APISAK.
The hardware section of this page does indeed patently link the Rocket Lake-S name with the use of PCIe 4x4 NVMe SSDs. The chipset in question scored 1192.11MB/s and 44999.6 IOPS for speed and I/O respectively.
Accordingly, the "11th-gen-S" processors may indeed be compatible with this hardware and other components like it. Another recent leak claims that the Comet Lake-S replacements may come with as many as 20 lanes to accomodate them.
In other Rocket Lake-S news, it is said to get an updated architecture known as Cypress Cove; however, there are also indications that this may be just as well be Willow Cove by another name. However, regardless of its rumored spec upgrades, it is still almost certainly to remain on a 14 nanometer (nm) production process.