Time Machine Backup Fails After Upgrading to Sequoia

Prior to the upgrade, Time Machine worked flawlessly for over 2 years. I have a WD My Passport formatted as exFat that is connected to a Linksys mesh router.

I have followed all the troubleshooting steps: disconnecting and reconnecting the drive, unplugging the drive and rebooting, shutting down and restarting the Macbook Pro 2022 model.

I disconnected Time Machine and moved the files to a different folder. I reconnected and went through a new setup, but the error message I received many times persisted:

Time Machine couldn’t complete the backup to “My Passport”. The backup disk image could not be created.

I'd like to ask the community for guidance on how to get Time Machine working again. Thank you in advance for your time and reply.