but I cant seems to find a way to check the format of the Disk on the time capsule.
The disk format in the TC has not changed it was and is and forever more will be HFS+. This is not controlled by the computer but from the TC firmware. The backupbundle or sparsebundle works as a virtual disk. It can be formatted anyway Apple wants to.. which is why you are showing AppleShare via AFP and FAT via SMB (unfortunately the TC only uses SMB1 and is effectively windows NT server to outside world) FAT is of course not correct.
If you wish to access the TC firmware you will need to turn on SSH.
See the info here.
It is about changing country. But the first part gives info about turning on SSH.
https://sites.google.com/site/lapastenague/a-deconstruction-of-routers-and-modems/apple-time-capsule-repair/change-country-on-airport-router
You can then use terminal and type in nbdiagnose
That will give you screeds of info from a script Apple buried into the Gen5 TC.. not earlier versions.
And in that you will find info about the hard drive.
There are also standard hard disk command from BSD.
As far as speed is concerned the TC is very limited by processor performance.. it cannot exceed about 40MB/s and using Time Machine is much slower than that.
Sorry I don't have anything upgradable to Big Sur to test for you.
If I open the backup in Finder and use disk utility it shows the format is HFS+