And APFS doesn't support directory hard links either, so if your drive is APFS formatted, you back up to an image as well!
So we've gone from just files to a special unique image file.
And people get burned by this: if the image file gets corrupted, you lose the entire backup.
So let's talk about the devolution of Time Machine.
Time machine is great as a no-decisions system backup with a nice UI. That's always been its strength.
But early on, Time Machine promised that its storage was just files, and this is getting less and less true over time.