I just bought a new MacBook Pro 16' this year, how can I format the drive to work on a Mac and PC first?

Time Machine won't work on a drive formatted for a Windows PC or any other non Mac format.

Back up your Mac with Time Machine - Apple Support

Back up your files with Time Machine on Mac - Apple Support

This is how you format the drive.

Restart the MacBook

Immediately after you click restart, hold down the Command and R keys until you see an Apple logo

Put in your password

Click Disk Utility

Click the drive you would like to change

Change the drive format then restart the mac to get out of recovery mode.