Even if you are able to create a bootable macOS backup using third party software or by installing macOS to an external drive & migrating or syncing content between them may not be of much use. If anything happens to the "boot" files or "recovery" files stored on the internal SSD, then you won't be able to boot to the external drive.
For a perfect example.....several Macs in my organization became unbootable after a macOS 13.6.1 update went bad due to a compatibility issue between the older unchanged recovery mode files and the new system firmware. Even recovery mode was not possible as an option. This is just one example. Also, everything on the 2018+ Macs involves being able to authenticate to a valid admin user account from the internal SSD, so if anything corrupts the security enclave chip or affects the information on the internal SSD, can cause this to fail. Plus, Apple Silicon Macs now have an "Ownership" feature which complicates matters even more.
Your best option is to make sure to have frequent and regular backups using whatever method works best for you. At least one backup should be to local media which you control. iCloud and most other cloud based file syncing services are not backups, although there are some third party companies which provide true cloud based backups, but this should not be your only backup option since you are not in control of those backups and in many cases restoring from the cloud can be a slow & painful process.