Are there fast external backup drives compatible with Thunderbolt 4 ports?

I have a 2021 MacBook Pro with 4TB disk space total (currently 3TB is used). It has an Apple M1 Pro chip. My MBP has three Thunderbolt 4 (USB-C) ports. I am running macOS Ventura 13.4.1

I currently have a 5TB external hard drive that takes 9 hours to back up 3TB. I was hoping to speed up the backup time.

I know how to format a backup drive and how to use Time Machine for backup.

Are there faster external backup drives that work best with Thunderbolt 4 ports? Are there faster cables to use for my backup needs?