Just want to make sure I understand what I'm reading and hoping someone will clarify something for me.
These are the relevant tables from the EVGA Z390 Dark manual:
 
PCIe Lane Distribution (All Socket 1151 processors are 16 lanes.)
 PE1 – x16 (Gen3, x16 lanes from CPU, x8 shared with PE2)
 PE2 – x8 (Gen3, x8 lanes from CPU, x4 shared with PE4)
 PE3 – x4 (Gen3, x4 lanes from PCH)
 PE4 – x4 (Gen3, x4 lanes from CPU, shares 4 of PE2’s 8 lanes) 
 
M.2 Lane Distribution
 M.2 Key-M (110mm, Top, PM1) – x4 from Z390 PCH o M.2 Enable/Disable is set within the BIOS o This M.2 Key-M slot shares lanes with the U.2 port. Installing an M.2 device will disable U.2 port PU1.
 M.2 Key-M (110mm, Bottom, PM2) – x4 from Z390 PCH o M.2 Enable/Disable is set within the BIOS o This M.2 Key-M slot shares lanes with PE3. Installing an M.2 device will disable PCIe slot PE3.
 M.2 Key-E (32mm) – x1 from Z390 PCH o M.2 Enable/Disable is set within the BIOS 
 

If I put my GPU in PE1, populate both M.2 Key-M slots and then install something else in PE4 The result I am expecting is this
PE1 runs at x8 because PE 4 shares with PE2 which shares with PE1. 
PE3 is disabled because it shares with M.2 slot 2.

Am I reading this correctly?

Thanks bcavnaugh!