NO
Time Machine Backup Utilities does not have a Full and Working copy of the Operating System
TM Backup will only backup the users User Account ( Home Folder )
To Roll back to a previous version of Sequoia say Sequoia 157.2 would required wiping the Entire Drive
Using a Bootable Installer made on an Apple Silicon computer
Then to Re-install from the Bootable USB Installer Drive and new version of Sequoia 15.7.2 ( as example )
Then an only then could you restore from a recent Time Machine Backup
Wiping an Apple Silicon computer is not for the technically newbies or inexperience persons
Your computer would be better served by working through the existing issues
If you wish help with Trouble Shooting the current issues
" ASK " and we might be able to assist
Exactly what is or are the issue(s) as you do not mentioned anything that is actionable