For those early adopters of M1 MacBook and / or Big Sur, Carbon Copy Cloner is a viable backup solution. SuperDuper! has yet to release an update for Big Sur. CCC is $39.99 personal license compared to SuperDuper! $27.95. CCC allows backups to coexist with TimeMachine on same external drive whereas SuperDuper! erases the external drive before copy. CCC has option to send notification emails.
I’m a long time SuperDuper! user. To make clones faster, SD will only erase what’s changed, not the entire drive. I think the issue with SD not updating yet is that Apple was blocking implementation of creating a bootable back up on Big Sur betas, until just very recently.
And I wouldn’t put both my Time Machine and clone back up on the same drive. Drive failure means you lose both backups.
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Fair and wise point however SuperDuper! website suggests otherwise.
It’s the perfect complement to Time Machine, allowing you to store a bootable backup alongside your Time Machine volume—and it runs beautifully on your Mac!
Aside from SD not being able to create bootable backups, SuperDuper! installed on my M1 MBA but would not run. CCC also is facing the issue of creating bootable backups. Their solution is to install Big Sur on the external drive if you need bootable media capability. Personally I have found creating bootable media such as a USB or SD card and using system restore has been a better solution. Point is, I am finding Carbon Copy Cloner is currently a better solution, in my opinion, for those running Big Sur and especially those with new Apple Silicon processors.
Just received notification.
Bootable backups on macOS Big Sur
CCC can now make bootable backups of a Big Sur startup disk on Intel-based Macs. Support for System volume cloning on Apple Silicon Macs is disabled for now because Apple’s APFS replication utility does not currently work on that platform. When Apple fixes that, we’ll post an update to CCC that restores support for making bootable backups on Apple Silicon Macs.
CCC is a native application on Apple Silicon and is 100% compatible with Apple Silicon Macs
CCC will automatically proceed with a Data Volume backup when backing up an APFS Volume Group on Apple Silicon Macs — that’s a complete backup of your data, applications, and system settings. If you would like to make your Apple Silicon Mac backup bootable, you can install Big Sur onto the CCC Data Volume backup. Please keep in mind, however, that your CCC backup does not have to be bootable for you to be able to restore data from it.
Just because a company allows something, doesn’t mean it is a good idea. 
It is never a good idea to have multiple types of backup on the same device. You should be using the 3-2-1 rule for backups at the very least - no file exists, unless there are at least 3 copies on 2 different medium and 1 is off site.
I run a 4 stage backup. My main PC’s SSDs are copied regularly to a spinning rust drive in the PC, which is a hot copy. This is then staged and synchronized to my NAS. In addition to that, I have a complete, continual backup running over Carbonite and I use HiDrive as an on-the-fly cloud storage.
I also make complete images (Veeam) on an external drive, before I make any significant changes to the system.
I think, when I had a Mac, I was also using CCC.
How else would you add the bootable drive feature SuperDuper! adds to a TimeMachine backup?
Here is a very detailed and noteworthy blog post regarding best practice backups.