I used to use Time Machine, but switched to Carbon Copy Cloner for daily backups. It just makes sense to me to have a bootable backup, for when the unexpected happens.
As long as yu have a large number of backup disks and rotate them so you don't over write the previous backup with the new backup.
Here is the senario to avoid: You have a photo you like and it gets backed up and all is well. That file gets corrupted, not lost just damaged, and you don't notice. Then you do the backup again and over write your only "good" copy of the photo.
This is a common way to loose data. You need to use an incremental system that keeps old copies around.
My plan is to have two Time Machine disks. Mac OS X will "ping pong" between them so if one is messed up I can fix it without destroying my only backup. Also it allows a disk to die and I still have a backup. Then in addition I have disks in an second location inside a fire safe. I rotate these and make the Carbon Copy type backups every so often.
I also keep the stuff I'm currently working on on Apple's Cloud Drive.
You have to think about comon ways datamight be lost and have a plan
1) There is a fire in the house
2) Lightening stricks a power pole a block from you and the resulting surge destroys all the equipment that is plugged into the AC wall outlet
3) Theft of your equipment
4) You accidentally and without knowing delete half of a document you are working on.
5) "silent" file corruption that goes undetected for days or weeks
6) Equipment failure.
Problem #3 is more common then you'd think. And I know you don't expect a ire but everyone who had a fire said they did not expect a fire.
Time Machine works very well as a FIRST line backup. But in addition you need more, unless your data is disposable. If it is just downloads and ripped music then you can replace it easy but if it is tuff you created you need is backed up to about three different places