I don't think APFS was designed or tuned with HDDs in mind, but it will work just fine. Especially for backups where random read/write performance is not important.
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.
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.