With Time Machine, you can have two or three or more backup drives. Time Machine simply cycles through them in order so you have redundancy. If you use three such drives, for instance, no backup will be older than 3 hours in the past.
With a different type of backup to supplement Time Machine, such as SuperDuper (which I use, or Carbon Copy Cloner, which also has an excellent reputation), you have an additional type of redundancy, namely the fact that SD or CCC use a different method for making the backup than TM. So if through some mishap your Time Machine configuration on your Mac got corrupted (this has happened, albeit rarely, to some users), preventing recovery from the Time Machine backup(s), your other SD or CCC backup, which is basically a bootable "clone" of your drive, provides a separately made backup copy of all your files.
I typically have two Time Machine drives for each Mac plus a SD backup. One Mac in fact has two SD backups which I alternate between. This may be a bit overkill, but no one ever has suffered from having too many backups, but many have suffered from having not enough backups. Many try to store one backup "off site" in case of fire, theft, etc.
Another method involves cloud-type backups, or at least copying critical files to cloud storage repositories such as Dropbox, Microsoft, Google cloud storage, etc.
You definitely should have at least two backups, and I suggest disconnecting one from the Mac when it is not in use. For instance a severe power surge or lightning strike could disable both your Mac as well as any drives connected to it. So the additional backup that is physically disconnected (or somewhere in the cloud) might be important to have someday.