Well, it took a while, but I finally got a response from Shimano which I’ll post up here in case it helps anyone.
Thank you for your message but our apologies for the delayed response on this for you. I have checked in with our tech team on this and can confirm that there is a difference in the banjo between the SB and SBM that allows for greater heat dissipation.
If you are using the 2 piston caliper then either the SB or SBM hose will be suitable
If you are using the 4 piston caliper then please only use the SBM hose.
I guess that heat dissipation isn’t a problem for the non-series BR-MT520 4 pots that use a straight connection.