Any input would be much appreciated!
Well, OK!
I have read that you can continue to use your existing TM backup on the new Mac, at least in certain circumstances, but I've never tried it. In this case the HFS+ format will be preserved (details below).
Things to think about:
Does your old Mac still work? If it does, the files currently on your Samsung T5 (at least the latest versions) are not critical because they are still on your old Mac. If a month from now you realized some file you really wanted wasn't copied by the migration process, you could recover it from the old Mac. This means a bit less risk if you decide to erase the T5 and start fresh.
What format to use? In recent macOS releases (somewhere between Mojave and Monterey) Time Machine has had big changes. It now uses APFS formatting by default for the backup disk and supports some APFS advanced features (snapshots, clone file and sparse file support). This is supposed to have a bunch of advantages (quicker backups, more reliable backups, space savings). See
eclecticlight.co for lots of articles about the changes to TM. (e.g.,
https://eclecticlight.co/2021/04/12/should-you-back-up-to-apfs-or-hfs/).
Your TM drive is formatted in the older HFS+ format. Reportedly the new TM can continue to use HFS+ backups, but APFS is now the default. In fact, if you erase your Samsung T5 and then tell TM to use it as a backup target, TM will
always reformat it as APFS, no matter what format you put it in. The only exception (so I've read) is if it contains an existing TM backup, in which case TM will continue to use the HFS+ format.
Apple seems to feel TM-to-APFS is the way of the future (all new TM drives are set up that way, and macOS now forces the boot drive to be formatted APFS). This
may mean any TM bugs in the HFS+ code might be less likey to be fixed.
If there is increasing use within macOS of new APFS capabilities like large sparse files and clone files, space on the backup drive could be saved because TM can presrve these features on an APFS drive. Besides, "everybody says" that SSDs should be formatted APFS. (Though I don't think there's any harm if it's HFS+.)
So which way to go, preserve your old file history with the old format, or start fresh with the new?
(I decided to start fresh, but I was able to find put my old backup drive on the shelf for a few months, just in case.)