I have an M1 mini running macOS 11.6. My 1 TB Crucial SSD that I use for Time Machine backups behaves just like it did when I purchased this mini in Nov/2020. Every hour that the Mac is powered on, without issues. If your Time Machine drive is corrupted, or you haven't done a successful backup with it for some time, the Preparing backup phase will endure longer than you want, especially if it is using a slow, external rotational drive, exceeded available RAM with too many concurrent applications, or in the unneeded company of an anti-virus application.
I suggest that you temporarily shut off Time Machine in System Preferences. Then launch Disk Utility and perform first aid on that Time Machine drive. Green is good, red means run first aid again… or that your drive cannot be fixed. Then switch Time Machine back on and force a Back Up Now.