Even further back into time, before 3.5" disks, both A: and B: were 5.25" disks. And, although my memory is hazy, 3.5's were commonly slotted into B: at first, because no one had 3.5" boot disks until the drives became somewhat common.
The floppies got A and B because hard drives were expensive and for a time a lot of people got by without them, though everybody had at least one floppy.
Even if you only had one floppy, it was both A and B, so you could say "copy a:DOC.TXT b:" and it would read the doc and then ask you to insert the floppy you're considering B (and depending on file size and available memory, sometimes switch back and forth a few more times)
I have vague memories of something like this from my childhood, where my family's IBM 486SX had the 3.5" drive on A and the 5.25" drive on B but my grandparents' Epson 286 had the opposite. Also learning about disk densities when none of the disks from the 486 worked on the 286.
You are forgetting 8” floppies. IBM used only the soft sector ones (one hole punched close to the spindle to mark sector 0) but there were also hard sector ones (a ring of 32 holes close to the spindle hole).
There was a lot of experimentation back in those days. The Wikipedia’s page on floppy disks is surprisingly long!