Is there any value to formatting a rotation HD as APFS for time machine? I know BS is the first MacOS that can use a APFS time machine but I can't find any information as to value of using APFS for time machine.
After reading the OP's post, I was ready to reply that I didn't think there was any advantage for APFS over Core Storage for Time Machine on a rotator. But I received a little bit of a shock when I went to look at my disks in Disk Utility....
I completely reformatted my 2TB drive (WD Red) into 2 partitions. 1TB for Big Sur to use for TM, and 1TB for other stuff. I had initially formatted it as Core Storage (HFS+)on both partitions, but after I selected the drive in TM preferences, the OS seems to have converted it to APFS (Case Sensitive) on its own.
I am not having any issues with it. It backs up normally and without fail. There was just never any indication that the filesystem was changed.
So any advantage? I'll still say no, but somehow the OS preferred it here. Odd.