Windows 11 sets a pagefile in another drive but doesn't recognize it

I tried to set the page file in a Crucial M4 drive (M4-CT128M4SSD2). Windows creates the page file but ignores it in the total space used by both (I had to create a small one in the boot drive). Why is this happening?

Is the drive an external drive? If so it may not be available soon enough during boot.

Windows will only count page files that are actually available and usable during boot. If the pagefile is on another drive and Windows is creating pagefile.sys there but not including it in the reported total paging file size, it usually means Windows has determined that drive is not suitable for hosting the primary paging file.