One of the largest causes of data loss is theft of the equipment and things like fires. TM is not going to help with those. Other causes are operator error and software failures. Again TM will not help
If you care about the data jst follow a couple rules:
1) Keep the data on at least three different physical media
2) Keep the data in at least two different geographical locations
Youcan count the Time Machine drive is "1" in each of these rules. One is beter than zero but not as good as 3 and 2.
And also, most importantly, The above should be true DURING a backup operation. So if your backup software wipes out the last backup before writing the new one you need to keep four four copies. Same wit off sire rotation, You need enough to do a rotation so that at least one is always off site. You might say "what's that change of a disk failure occurring during the few minutes it takes to run a backup? I'd argue that is the most likely time. If you are a typical move user running a backup is the most stressful thing you do to your disk drives.
Very few people bother with this so.....
I predict that in 100 years there will be almost no 100 year old photos, except for those printed onto photographer by machines at drug stores.