Is the M.2 socket on this board M-Key ?

Yes, the M.2 socket on this board is M-Key.

Why do the specs of this board say there are 12 SATA ports, but only 4 on the board? is this a stock photo and not what the board actually looks like? or am i missing something?

The board has 4 standard SATA ports and 2 SFF-8087 connectors (it looks like). looking at the manual it appears they are 4x SATA encased in an SAS connector.

Questions & Answers: SUPERMICRO MBD-X11SPM-TF-O Micro ATX Server Motherboard

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SUPERMICRO MBD-X11SPM-TF-O Micro ATX Server Motherboard LGA 3647 Intel C622

LGA 3647
Intel C622

$559^.00 –