If, Time Machine is your only backup - the only way you have of going back to a working system should you decide Sierra is not what you want.
Then I'd suggest you keep it around for awhile, at least until you are sure you want to go with Sierra.
Now if by chance you've already decided that Sierra is what you want, then go ahead a erase the HDD and start a fresh TM backup, keeping in mind that you just burnt that bridge.