Many programs on my iMac tend to slow down or not work as well when Time Machine is backing up to my WD drive.
That is an indication the backup drive is malfunctioning.
Time Machine is performed as a background task that will become suspended or pause if you are using your Mac to perform higher priority tasks. It should never cause any performance degradation: "Time Machine is designed so that it doesn’t interfere with the regular operation of your computer. If your Mac is busy, hot, or the battery is running low (Mac notebook computers only), Time Machine slows until your Mac is idle, cool, or charged." — If Time Machine is slow on Mac - Apple Support
You can try "repairing" the backup drive using Disk Utility: Solve problems with a disk using Disk Utility on Mac - Apple Support.