Don't forget even when your TM backup disks are unavailable, it continues to create "local snapshots" that can be used to restore files, folders, or even an entire system should that be necessary.
Read About Time Machine local snapshots on Mac - Apple Support. Another Apple Support document explains that "Time Machine stores snapshots only on disks that have plenty of free space, and it automatically deletes snapshots as they age or as space is needed for other things."
An earlier Apple Support document that has since been superseded defined "plenty of free space" as less than 80% full. I surmise APFS rendered that value obsolete.
The significant caveat is that if your startup disk should fail catastrophically you're out of luck until you can restore its content from a separate backup device.