What file format for new external SSD to be used as Time Machine Backup Drive?

I just got a new external SSD that I would like to use as my Time Machine Backup Drive. I recall reading somewhere in the past that the new Apple File System cannot be used as the file format for an external drive for Time Machine backups. Is this truly the case? I would prefer to use APFS since that is better for SSD but if APFS cannot be used for external drives for Time Machine then what file system do I need to format the drive with?

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