It's based on UUIDv7 (in fact, a TypeID can be decoded into an UUIDv7). The main reasons to use TypeID over "raw" UUIDv7 are: 1) For the type safety, and 2) for the more compact string encoding.
If you don't need either of those, then UUIDv7 is the right choice.
If you don't need either of those, then UUIDv7 is the right choice.