On Tahoe there is not a formatting issue but a low-level snapshot or power-management interaction during the first APFS snapshot crawl, which is the heaviest thing Time Machine ever does. On silicon, Tahoe tightened background task throttling and external disk sleep more aggressively, and some SanDisk enclosures firmware mis-handle repeated sleep/wake or UASP resets mid-scan, causing Time Machine to silently stall forever rather than error out.
You can run tmutil startbackup --block --verbose in Terminal with the drive directly attached and watch where it hangs, if it consistently stops after hours with no I/O, disable external disk sleep (pmset -a disksleep 0), reboot, and retry once. Also check log show --predicate 'subsystem == "com.apple.TimeMachine"' --last 1h for repeated “snapshot invalidated” or “device not responding” messages, which confirms this path.
If that still fails, then it is clear that Tahoe + that enclosure combo is broken at the firmware level right now, ChronoSync is fine short-term, but long-term the fix is either a different enclosure or waiting for a macOS point update that relaxes snapshot retries. This isn’t user error, and reformatting won’t touch it.