The Journal makes sure that when a file system is not properly dismounted, that all the file system structural data (metadata) is correct. Not properly dismounted could be an operating system crash, a power failure, the cable removed from the drive or computer accidentally, etc...
If the file system is not journalled, then the operating system must perform a full file system check (fsck) on the drive to make sure that the structure of the file system is intact and safe. For example, you need to make sure that no 2 files think they own the same disk sector, that all disk sectors are accounted for either as part of a file or as free storage, that all files can be found via a directory entry, etc...
File system checks can take a long time if there are a huge number of files on the file system. These days with terabyte sized disk drives, very often there ARE a huge number of files on a file system, so most file systems these days are journalled as the journal can be replayed to make sure that last set of file system structural changes were correctly applied, and that file system check does not need to be performed. Replaying the journal is quick.
NOTE: The journal does not contain any user data, just file system structural data. An improperly dismounted file system may loose user data for the files that are currently being modified.
So the risk is that if the file system is not dismounted properly, that a lenghtly file system check may be needed. A Time Machine backup tends to be very complex so expect a file system check that may take hours.