Hi
Not sure about Hile History, but heard that as well.
But I can admit, that Time Machine can do the same + local (filesystem) snapshots if you're on AFPS (much smaller though almost complete backup except backup drive; definitely doable to restore files from user ~/Library)
And having TM backup will allow you to restore almost every file and even system with them, what is not reachable for File History, because it's backup only certain folders
In Windows OS there's a Restore Points as Image Restore available, so, having all of them not that critical
In terms of reliability, well, on the same level, but issues may happen somewhat more often with TM because APFS and more things are available
Like backup stuck, or so, found below
Again, it's because of more complexity rather than instability.
MacKeeper ⭐ Does Time Machine stuck on preparing backup on your Mac? ✅ Read our article to learn why Time Machine stops preparing backup and how to fix it
mackeeper.com