In the era of sealed system volumes, Time Machine makes things incredibly easy when it works—but, as others have said, it's temperamental. I've had to spend way more time than any Apple user should going through poorly documented procedures to repair backups and, for that matter, just keeping my network Time Machine server online. It should be a simple, clear, and reliable process and it is none of those things. The backups themselves seem more robust in Big Sur/Monterey with APFS, but the server piece is flakier than ever.
So I use it, but I also use Backblaze; keep most of my personal documents in iCloud Drive and my work documents in my work OneDrive; and make separate copies of certain critical files onto another physically separate disk manually.
With that said, I've done a couple of restores from Time Machine that appear to me to be flawless, so it can be a helpful first layer in a multi-layer strategy.