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.
That's not entirely true. If you have an existing backup chain on an HFS+ drive Time Machine will simply continue using it without touching the underlying filesystem.The TM in Big Sur always uses APFS for this reason. If you have an HFS+ HD, it will save the backups into an APFS sparsefile.