I’ve written previously about my backups strategy, but I’ve been lucky to not have any disasters – until recently. A failing internal drive in the iMac, then today sending my beloved MacBook in for keyboard repairs. I was saved by having clones of those machines (for the MacBook, “saved” by restoring a different MacBook to the same state, to use temporarily).
You should be cloning your machine. Here’s a great, cheap, silent, bus-powered USB3 drive you could use. To do the cloning, use Carbon Copy Cloner (nicer UI, more features) or SuperDuper (I’ve used it for years). Schedule bootable clones nightly.
You may also want continuous remote backups. I use Backblaze, and keep my work files in Dropbox too. Perhaps consider Time Machine as a third level of safety, especially if you need old versions of files, but full restores from it are slower and less complete than from a clone.
If your machine is OK now and you lose data later, it’s your fault. Do your future self a favour, and back up.