DD is bit by bit cloning, there is no better option in my opinion, it should copy 100% of the disk.
I am positive you do it right, you are copying the whole disk, not partitions, that's the way to go.
I rechecked, you do it wrong, copy the whole disk, not the APFS container.
It's a 500 GB disk, you need a target disk of at least 500 GB
To be more precise, all partitions on the source disk have to be copied, reason, there are partitions on the disk which are needed, without them your clone is not bootable.
So, you can stop now, a 500 GB disk will take most of the day to copy, depending on the transport protocol, if you have Thunderbolt it would be fast, if it's a USB 3 disk it is a lot slower.
I once cloned a disk, can't recall how big it was, it took most of the day to copy the disk.