Nah, you'll still need that to synchronize iCloud content locally so that you can make backups of it, as Apple stubbornly refuses to allow TimeMachine (or anything else) to actually backup stuff that is only stored in iCloud, and provies no easy, scriptable way, of doing so otherwise.
It may just be a problem for me, but as i have ~3TB of photos in iCloud (2 x 2TB), and unless i want to buy laptops with 2TB storage, there is no practical way of backing up the contents of iCloud, so i use a Mac Mini M1 with an external drive, syncrhonize data locally, and then back it up from there.
It may just be a problem for me, but as i have ~3TB of photos in iCloud (2 x 2TB), and unless i want to buy laptops with 2TB storage, there is no practical way of backing up the contents of iCloud, so i use a Mac Mini M1 with an external drive, syncrhonize data locally, and then back it up from there.