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I guess it depends on how much data you have.
Currently I buy matching 4-6TB sata drives and periodically rsync the master to the backup. When they are both full they get antistatic bag sealed and packed into separate aluminium cases.
Sooner or later I'll be going to 8TB+ but that's a lot of data to need to emergency wrangle if I lose a drive, so smaller has advantages too.
Master mounted in case, backup mounted in 5bay USB enclosure.
Speed is largely irrelevant for backups. My last rsync of 3TB took 13 minutes.
If a drive dies I order another one and avoid mounting it until replacement arrives and I have rsynced a new master/backup set. With the new drive becoming the backup and the old backup becoming the master.
Being able to just drop the backup into the master slot and be immediately running again is the idea, so i dont compress, encrypt, or raid anything.
I use MVMe m.2s in a similar way for steam and OS drives. But they are too expensive and small for me to want to use them for the ~30TB of photos I have.
Can't comment on formats. I've always set my camera to regular old DNG, for the extensibility reasons already mentioned by others.
Note the difference between NVMe and NGFF when looking at M.2. NVMe is better.