I would not recommend using an APFS formatted HDD for Time Machine. It's painfully slow. With my Samsung T7 the hourly Time Machine backups are usually finished after a couple of minutes. Using my older HDD they can easily take 20 minutes to half an hour.
are you sure that is because of apfs? hdds are usually much slower, no?
While time machine used to be snappy on HDD it was build out of one of the weirdest little hacks hard links in folders. The new Time Machine might front a similar front end but under the hood its a different beast. You're having to mount snapshots as you move through time.