Make sure in Disk Utility that View > Show all Devices is selected.
Then select the Container holding the Time Machine Volume, "Container disk 9" in my case see screenshot.
Then click the little + sign above the word "Volume" in the top bar of the DU window.
A window appears where you can select the Volume name, the file system and file size limits (I don't usually use this):
View attachment 2120801
PS You are not adding another partition, but another Volume in the same Container. Broadly Partitions and Containers are equivalent but wherever possible it is preferable to add another APFS space sharing volume to the same Container rather than create another Partition/Container. All the Volumes in a Container have to be APFS, so if you want HFS (as I did for the bootable installers) you have to add partitions. This space sharing capability is one of the biggest user benefits of APFS imo.