No.. the disk in a Time Capsule is not formatted APFS.. it is now and forevermore HFS+
Time Machine has always loaded a SparseBundle onto the disk which has been in all earlier versions HFS+ but also case sensitive.. from Big Sur it MUST use APFS which changes the format of virtual disk sitting on the normal TC disk.
Exactly the same thing will happen with USB drive.. it still must be formatted HFS+ but Time Machine will create APFS formatted virtual disk onto it.
No airport can read or write to APFS drive unless Apple makes a stupendous update to the Airport firmware.. which has not happened.. nor do I ever expect it will. To this day only two formats are possible. They are HFS+ (always used by TC internal drive) and FAT32 for USB as a possible alternative so windows can read it, but should never be used except perhaps for a small USB memory stick. FAT32 has size issues with both disks and files and is a much poorer format all around.