The "best" approach is a multi-pronged one. I have constant time machine backups to another Mac on my network that is used as a server. I also make bootable Carbon Copy Clones on an external Samsung T7 SSD pretty much every day. And I have continuous BackBlaze backups "in the cloud". In addition, I keep archival copies of backups from old computers and old versions of MacOS. Have been using Macs since 1985, got an Apple ][ in 1978 and still have some files going back that far. Don't want to risk losing any of that.
Only caveat is, not sure if you can still make bootable clones with the newest versions of MacOS, IIRC Carbon Copy is still working on this. I'm still running Catalina on my primary Mac. A bootable clone on a SSD is nice because you could be back up and running immediately if your computer was destroyed/lost/stolen.