In the past I have successfully copied TM backups to other disks using SuperDuper. It erases the target volume then copies the entire TM backup – the copies were always functional as a TM backups. Carbon Copy Cloner, my favourite, I know doesn't.
So I was intrigued whether I could do with my Sequoia TM backup.
So I arranged a partition on another disk and ran SuperDuper. It took 5.5h to copy the 295GB.
I plugged this disk containing TM copy into my MI running Sequoia and selected as a TM backup. It recognised it and I was able to access the files via starwars. I then selected ‘backup now’ and that worked just fine too – though slower than normal.
Now some caveats. I had arranged the original Sequoia TM disk to be formatted as Mac Extended Journaled not APFS.
I copied the Sequoia TM disk attached to my iMac19,2 (running Mojave) as that’s where my copy of SuperDuper resided.
The end result was that I was able to copy a functional Sequoia TM to another hard drive but I am guessing that’s because the hard drive format was Mac Extended Journaled not APFS but I can't test that.