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Absolutely, and many small and large companies do exactly that. Specialized file storage systems tend to provide better performance than general purpose servers, especially when the server supports multiple software applications. NAS appliances focus the majority of their CPU cycles on file service, and their networking ports and disk controller channels are optimized to maintain good file performance even when multiple users access files concurrently.
In addition, the included client access licenses required for a general purpose Windows Server increases the cost when adding users just for shared file access. Faster performance, lower initial cost, and avoiding the purchase of more Windows client licenses are big selling points for adding NAS appliances in place of increasing the storage inside a Windows Server. When more storage is needed for the users of a Windows Server, a NAS appliance may be the best option for any combination of the reasons mentioned here.