Ventura: Using FileVault on external backup drive for Time Machine

Hello. I have a new M2 MacBook Air with Ventura (16.1) and a new Seagate Expansion external drive (12 TB). I've used APFS Encrypted on the backup drive on a single partition.

It's been ages since I fussed with Mac file systems or encryption (which is a testament to how long my last Mac and Seagate drive have lasted).

I want to confirm that turning on FileVault for an external backup drive used for Time Machine is still the prudent thing to do. I'm also not seeing a quick way to turn on FileVault for a backup drive in the OS, which is giving me pause, and Google gave surprisingly little info given that Ventura is so new.

So I guess my questions are:

1 - Do I want to do this?

2 - How do I do this?

Thanks for your help.