Time Machine and iCloud

I’m about to get a new MacBook Air, and my current MacBook has hourly Time-Machine backups always being performed. However, not all my files are on my MacBook’s storage drive, as many (ones I haven’t used in a while) are just in my iCloud storage. Will my Time-Machine backup have all my current MacBook files and applications backed up on it, so that when I do my new MacBook's initial setup I can just transfer all my files from my Time-Machine backup to my new Mac? Or, will I have to get get files from both my Time-Machine backup and my iCloud backup, too? TIA!