https://www.asrock.com/mb/AMD/AB350M-HDV/index.asp
as you see on this image, they are right next to one another, but not conflicting.
- 1 x Ultra M.2 Socket, supports M Key type 2242/2260/2280 M.2 SATA3 6.0 Gb/s module and M.2 PCI Express module up to Gen3 x4 (32 Gb/s) (with Summit Ridge, Raven Ridge and Pinnacle Ridge)
and there is no * that is dissabled or slower if you use that
- 1 x PCI Express 2.0 x1 Slot
so you should be fine.