How did you try to reformat your Time Machine drive?
When I run disk utility on a Mac with Catalina or newer, my main disk shows 2 APFS volumes, "Macintosh HD" & "Macintosh HD - Data", but my Time Machine drive shows as one UPS External Physical Volume. I also have a SSD drive that is an APFS Volume that has Mojave on it (I will reformat it after my one necessary 32-bit program is converted, supposedly this Spring). My Time Machine drive is formatted as MAC OS Extended (Case-sensitive. Journaled). It's 4TB, while my SSD is 1TB, I don't need it to be fast.