Install Server 2012R2 on smaller volume?

Hello Experts,

Setup

Lenovo RD350, 4-2TB drives, 2 sets configured as RAID 1 (hardware raid).

My question is this, each set has a total of 2TB, being that the volumes are 2TB do you think it wise to create a volume of say 120GB for server 2012R2 to live? Then I can use the rest of the volume for backups, archiving etc.The other RAID 1 set will be used to host Virtual servers.

Thanks