OP, I read that last post like you may be mixing a concept of archival backup with TM backup, so it may be important for you to know this: TM is a "rolling" backup, meaning when the storage is near full, the oldest version of files will be overwritten to create room for newest version of (changed) files. This is different than an archival backup which is basically going to backup files like "old emails" to have available for up to forever.
If your goal is- say- to backup those emails and then delete them from main (internal) storage, TM is not a long-term answer, as- I think- eventually your deletion on the main will result in deletion in the TM backup. So if the goal is to backup ANYTHING and then delete it from the main (internal) storage while retaining the ability to recover it, TM is NOT the solution for that. Instead, you could use Carbon Copy Cloner or SuperDuper for "whole drive archive" or simply
export a block of files like "old email" to a formatted drive. Once they are there, you could delete them from the main,
internal drive but still be able to get to them if you need them at some future date.
TM is archival only in the short-term. You might think of it as a mirror of the files on the drive(s) being backed up PLUS some number of older versions of the
same files that fit into total available space. However, if you delete files from the internal, eventually they are deleted in TM too (that's mirroring the deletions).
If you have a number of files that you basically know you will NEVER want to delete, an archival drive is a great way to go. You can also burn such files to a much more compact optical disc or, ideally, 2+ such discs, so that you can store one of them offsite to protect against fire/flood/theft scenarios. "Old Email" may be that important to you... as could a photo collection, home movie collection, etc. Those are often "forever" archive-type backups instead of TM-type backups.
Incidentally, the same applies to thinking of iCloud as a backup for media like photos. It is also "mirroring" vs. archiving... and should not be trusted as a long-term archive of photos backed up "offsite." Yes, it's better than nothing (offsite) but- IMO- it would be a better decision to own/control 2+ drives with regular rotation between onsite and offsite duplicates.
Can a TM disc be an archive disk? Yes, with very special handling/care. If you make a TM backup of everything and then opt out of continuing to use it as a TM disc, it is a snapshot of "everything" at that point in time. It won't be acting as a "rolling" backup but much more like an archival one. However, if me, I'd just use separate drives for separate purposes if my intent is- in fact- both purposes. That way, I'd never accidentally, turn TM back on for an old TM "archive" disc and potentially have rolling deletions delete some files I didn't want erased.
IMO, the ULTIMATE archival backup is still optical media because it is generally WRITE ONCE media. Burn those emails, a photo collection, home movies, important "forever" documents, etc to an optical disc and there's pretty much no way to delete them or overwrite them by mistake. The disc becomes READ ONLY after the burn. It's very compact long-term storage too.
The ONLY negative to optical is that there's generally no updating the
same disc when you add new photos, home movies, email to archive, etc. Instead, you have to burn a whole new one to regularly keep this kind of archive up to date. Still, you can stack up a lot of evolving archivable backups on optical in the space of a 3.5" bare HDD. When one has 4 or 5 ever-updating opticals OFFSITE, it's just about impossible to lose that media: the event would have to take out your main storage, your local TM backup AND the location of your offsite backups. If you can worry about that kind of scenario but still think you survive it yourself, plot 2+ distinct offsite locations... far apart. With 2 offsite stores far apart, the event would have to be towards cataclysmic to take out your local tech, offsite 1 and offsite 2+.