See if there are any firmware updates for that SanDisk SSD. I recall one of the older models having a severe firmware bug which caused data loss on the SanDisk SSD. WD/SanDisk offered a firmware update to fix a related issue, but never mentioned the data loss issue. Some suspected that other models were affected as well.
https://support-en.wd.com/app/firmwareupdate
Were you using the macOS/Time Machine encryption for the TM backup or were you utilizing the WD/SanDisk proprietary software to manage the SSD's built-in hardware encryption?
I did just recently see post where the user was unable unmount/eject their TM backup drive so they rebooted the system. Afterwards the TM backup drive could not be mounted (I forget the exact error). With macOS encrypted volumes can be difficult to figure out. In my own personal experience supporting my organization's Macs, I have found that when an encrypted external drive will not "unlock" & mount (using Apple's encryption features), the volume is actually unlocked, but it is just not able to mount due to an APFS file system issue. Unfortunately the GUI interface & utilities don't let you know this...many times it appears as if nothing happened.
You may get more details by using the command line to unlock the encrypted volume and trying to mount it using the command line (perhaps even in read-only mode without a file system scan). It is not easy to provide instructions since there are so many variables unless you are already familiar with using the command line.
You can try launching Disk Utility and clicking the "Mount" button to see what happens. Then check to see if the volume was unlocked by clicking on the volume on the left pane of Disk Utility and trying to run First Aid on it. You should run First Aid on the hidden Container. You may need to click "View" within Disk Utility & select "Show All Devices" before the hidden Container appears on the left pane of Disk Utility.
Try disconnecting all other connected devices. Connect the TM backup drive directly to the computer.
Try rebooting the computer. Also try booting into Safe Mode to see if that makes any difference.
If the password was saved, then check the KeyChain and delete the password for the external drive from the KeyChain so you are prompted for it once more.