Both have their place, and IMO, both should be used as a part of a comprehensive backup solution.
Time Machine is a great system for its purpose - making hourly snapshots of a running system, stored on external storage. But when your internal storage fails, you can’t use it for anything other than a source for restoring your system to a new/replacement storage device.
A bootable disk clone, on the other hand, solves that problem. If your internal storage fails, you can boot from this device and keep running (possibly at reduced performance if it’s a slow device like a hard drive) while waiting to receive and install replacement storage (which might be a replacement computer if the storage is soldered to its motherboard).
The downside of a bootable clone, of course, is that it probably isn’t going to be making clones every hour, the way Time Machine does.
But these are not your only options.
Off-site backups (e.g. storing a backup device at another location or a cloud-based backup service) protect you against disaster trashing your location. (e.g. flood, fire, hurricane, etc.), allowing you to buy new equipment at a new location and get back up and running from that backup.
And archival backups (hard drive, tape, etc.) will let you go get old information long after the data has been deleted/changed, in case you ever require access.
All these are parts of a comprehensive backup/data recovery solution. You should investigate all of them, determine the costs (both money and time), evaluate the risks, and use them to evaluate what you need to implement, what would be nice and what is unnecessary.
For myself, I use one Time Machine volume and two bootable clones. I used to also burn copies of my data to DVDs (for archival purposes) before every major OS upgrade, but the size of macOS has gotten so large that this is no longer practical. I might start doing this again in the future with Blu-Ray media, however, since 25 GB per layer may once again make this practical.
Sadly, tape backup, which I really like, has gotten far too expensive for non-enterprise use. Any drive with large enough capacity to back up a system onto one or two tapes (in my case, this would be LTO-6 or later, with 2.5 TB uncompressed capacity per tape) is far too expensive for a home user to ever consider.
Bare LTO-6 drives cost about $1000-1500 and have SAS interfaces. Only one company, mLogic makes a Mac-compatible external drive (with a Thunderbolt interface), and it sells for $3500 (MSRP - I’ve seen it for about $3000 on Amazon). Far too much money to buy one for personal use.