It depends somewhat on the drive, but a 7200 drive will generally outperform a 5400 RPM drive, and RAID0 will provide further performance, as will a larger cache - however not in the same league as an SSD.
I did a comparison of a modernish WD Blue (5400 RPM) vs Black (7200 RPM) drive, and you can see that the blackdrive outperforms the blue drive by about 25% (but at > twice the RRP).
I expect that getting 4 Blue drives in RAID0 will outperform 2 RAID Black drives, but with a higher failure rate.
A similar speed result (but less price difference) on a Red vs Red Pro drive.
You do need to make sure you have drives which are RAID capable if putting them in close physical proximity - so something like this may be a better option for you.
Depending on your size requirements and how many files you will be editing at one time you might also want to consider a single 8TB drive + an SSD to use as a cache - but make sure you have appropriate software/drivers for this configuration. I imagine that if you generally work on a single project at a time which is smaller then the the size of the SSD this will give you markedly better performance.