I have seen a number of posts about this, but some have reported that those instructions did not work even on earlier versions of MacOS. And even if you manage to get the backup to go to that external drive, can you be certain that it is usable for a restore, say if the iPhone fails or is replaced? Does Apple's software restore properly from an external drive, symlinks or not?
My approach to this used to be:
(1) use Apple's normal method to back up iPhone to internal drive, this does work absolutely
(2) copy said backup to an external drive
(3) delete backup file from the internal drive
My plan was to copy the backup back to the internal drive should it be needed for a restore in the future.
However, now I have a Mac with adequate storage so I just do those backups the normal way. Also, given that Apple provides an iCloud backup vehicle for iPhones, I depend on that now. I have used those iCloud backups (as have scores of people) when migrating to new iPhones and it works seamlessly, and one does not need to bring one's Mac into the Apple Store when purchasing a new iPhone.