The ~/Library folder contains the problem (somewhere). Re-including it caused the backup to fail. I doubt this is news to Apple engineers. So we'll just have to wait for a version update to solve this.
Like someone else in this thread, Most of the errors were in the findmy... associated folders/files. But not all (though they may be related), eg:
2021-12-20 11:59:18 Failed to acquire device lock assertion for /Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-112727/Macintosh HD - Data/Users/jiporter/Library/Containers/com.apple.findmy.FindMyWidgetIntentsItems/Data/tmp error: Error Domain=NSPOSIXErrorDomain Code=22 "Invalid argument"
2021-12-20 11:59:27 Failed to acquire device lock assertion for /Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-112727/Macintosh HD - Data/Users/jiporter/Library/Containers/com.apple.findmy.FindMyWidgetItems/Data/Library error: Error Domain=NSPOSIXErrorDomain Code=22 "Invalid argument"
2021-12-20 11:59:27 Failed to acquire device lock assertion for /Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-112727/Macintosh HD - Data/Users/jiporter/Library/Containers/com.apple.findmy.FindMyWidgetItems/Data/Documents error: Error Domain=NSPOSIXErrorDomain Code=22 "Invalid argument"
2021-12-20 11:59:27 Failed to acquire device lock assertion for /Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-112727/Macintosh HD - Data/Users/jiporter/Library/Containers/com.apple.findmy.FindMyWidgetItems/Data/tmp error: Error Domain=NSPOSIXErrorDomain Code=22 "Invalid argument"
2021-12-20 11:59:39 Failed to acquire device lock assertion for /Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-112727/Macintosh HD - Data/Users/jiporter/Library/Metadata error: Error Domain=NSPOSIXErrorDomain Code=22 "Invalid argument"
2021-12-20 11:59:53 Skipping further sizing for finished volume 7CE1ECA1-9F8B-4B8E-B15C-745BE79B6BF6
2021-12-20 11:59:53 Finished copying from volume "Macintosh HD - Data"
2021-12-20 11:59:54 Saved back-up-later cache (Protected:13) at /Volumes/Time Machine+/2021-12-20-112730.inprogress/.reservations.plist
2021-12-20 11:59:54 Records for BULRecordType
2021-12-20 11:59:54 Failed postflight for destination <APFSDestination /Volumes/Time Machine+>
2021-12-20 11:59:54 Unmounted '/Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-112727/Macintosh HD - Data'
2021-12-20 11:59:54 Unmounted local snapshot: com.apple.TimeMachine.2021-12-20-112727.local at path: /Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-112727/Macintosh HD - Data source: Macintosh HD - Data
2021-12-20 11:59:54 Unmounted '/Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-110659/Macintosh HD - Data'
2021-12-20 11:59:54 Unmounted local snapshot: com.apple.TimeMachine.2021-12-20-110659.local at path: /Volumes/com.apple.TimeMachine.localsnapshots/Backups.backupdb/JIP MBP 14/2021-12-20-110659/Macintosh HD - Data source: Macintosh HD - Data
2021-12-20 11:59:55 Backup failed (104: BACKUP_DELAYED_UNFINISHED_PROTECTED_FILES)
I'll try again to exclude these but have zero confidence that this will work. I tried once earlier.