You might like TM more if you use a faster drive.
I agree.
I use both Time Machine and Carbon Copy Cloner.
For both Time Machine and Carbon Copy Cloner, when backing up my MacBook Air with 256 MB SSD internal storage, I had moved from a 4TB 5400 rpm 2.5" external, to a 1TB 3.5" external HDD, to a 12TB RAID 0 external 7200 rpm HDDs, and then to a 1TB external SSD.
The speed increased from small HDD to big HDD to RAID 0 to SSD. The fastest was obviously with the SSD of course; finished each task in a few minutes. The 2.5" external HDD was painfully slow. The 3.5" external HDD was okay, the RAID 0 was better, but backing up to an SSD was blazing fast.
But, if you had to back up say a 1TB, getting a 2 or 4 TB SSD for Time Machine may be a bit, of an overkill.
However, if you're intending to have clone to boot from, using say Carbon Copy Cloner, then, I think SSD is the way to go.