NO..!
The best format for external drives that are intended to be used with a Mac and store Mac-formatted data is HFS+ (Mac OS extended with journaling enabled). This is particularly true if the drives are platter-based hard drives (these do not play well with APFS).
If you have a drive that you MUST share with PCs, then use a "cross-compatible" format like exfat.
But if the drives are intended to be used ONLY with the Mac ... again... use HFS+.
Yes, very well stated! But as I said, if one wants to use the device either with a Windows PC
also, or have a Windows OS on part of it, then one can first partition the drive, then format the Mac partition as HFS+, and the other partition as ExFat.
By the way, for the Mac partition formatted as HFS+, if one installs Catalina or Big Sur on that partition, it will be first re-formatted as AFPS. So, if you need an "area" of the device formatted as HFS+, it would be wise to make at least 2 Mac partitions. One can either initially format both of them as HFS+, or one of them as APFS, and the other as HFS+.
I recently sold a Samsung 860 EVO 500 gig SSD (purchased a Samsung 1 TB T7 SSD to replace it), and the buyer was going to use it in a Windows machine. He needed it to be formatted as NTFS Compressed. Unfortunately, Disk Utility would not do it, even though NTFS and NTFS Compressed are options (would format it as ExFat, though). Fortunately, I was able to download a trial version of the program Microsoft NTFS for Mac by Paragon:
Read and write files from NTFS formatted disks on your Mac
www.paragon-software.com
Worked flawlessly!