The same thing would happen with Big Sur: you simply install the operating system from a bootable flash drive, you hook up your hard drive that has your most current time machine backup on it and restore it using migration assistant.
Meaning, the fact that you can't clone the operating system partition anymore isn't really a problem.
EXCEPT, there is theory and there is application.
If a connecting rod in your car engine failed and the rod went through the side of your engine block, and I simply disassembled your entire entire and place it in another (similar) engine block with a replacement conencting rod, would it work?
No.
It might start, and sputter, but you can't take the internals on a used engine, place them into another used engine block, and have things work properly. (At the very least, you'd need to hone the cylinders, change rings and bearings, and so on...
That is the best analogy I can think of at the moment.
IN THEORY, all you do is migrate your applications, application settings, and data, and you are back up and running.
In application, I suspect there will be lots of times where things don't work as planned, and if you are lucky, you get stuck re-installing certain applications and having to re-configure your applications - which would be a horribel porcess for the software I use - and in a worst case, you'd end up rebuilding your whole machine from scratch.
Not sure that is a tradeoff i am willing to take for added security...