I have used all 3 backup methods over a period of several years.
As others have said, Time Machine is often used in conjunction with either Super Duper or Carbon Copy Cloner (CCC). Time Machine is useful as you can go back X amount of days to get the exact file you’re looking for, for example.
Personally I switched from SuperDuper to CCC about 3 years ago. While SuperDuper is awesome freeware, I bought a premium license for CCC due to some very useful features. Obviously CCC has a freeware model as well.
CCC advantages, in my experience, lie in the documentation and depth of explanations for the features in the app itself. They have fantastic online documentation updated with each macOS release. Also, the ability to create a Recovery Partition (to an existing bootable volume) is immensely useful. I actually screwed up my restore to my new 2018 MBP a few weeks ago and had no way to get into any kind of Recovery Partition. Due to Secure Boot being enabled on the T2 chip, I literally had no way to get into a Recovery Partition using CMD-R or CMD-Option-R or any of the traditional tricks. Booting up a Recovery Partition created via CCC was what saved me from making a trip to the Genius Bar. I still don’t understand how the Recovery Partition (on external drive) was able to work due to Secure Boot being enabled, but it did and I was able to get into Disk Utility and restore my backup successfully.
There are some features in macOS that are actually disabled should a Recovery Partition not exist on your drive, i.e. the ‘Find my Mac’ feature is only supported via iCloud if a Recovery Partition exists. APFS actually will inherently contain a Recovery Partition within the APFS container, however in my case I created an HFS+ backup via CCC since I only had access to an external HDD, not an external SSD.
Both applications are great, however CCC is a bit more advanced especially when utilizing APFS.