Yes. Examine the iCloud Drive folder on your Mac. The meanings of the respective icons are explained here: Get file, folder, and disk information on Mac - Apple Support.
If there is an "in iCloud" icon associated with a file, then it exists only in iCloud and is not on your Mac. If it's not on your Mac Time Machine doesn't back it up. The file attributes (metadata if you prefer) indicate its status. That information resides on the Mac, and Time Machine backs it up along with everything else.
I appreciate how someone accustomed to the way local file storage works might rebel at such a simple concept, but that's all there is to it.
If you remain morbidly curious Time Machine maintains a database of files (including them) it backed up including a "changed" attribute. I hesitate to encourage rooting around in there because people cannot resist the urge to tamper with its contents which reliably breaks TM. Look but don't touch.
The Finder's conveniently named iCloud Drive folder happens to be a shortcut to the normally hidden ~/Library/Mobile Documents folder. Time Machine's database will show that path for those files... and they're on your Mac.