My current Time Machine drive is a 4TB HDD I've been using for...probably like a decade at this point. It's been very reliable. But being an HDD, it has the obvious downsides of noise and slowness.
In the distant past (2007 to 2011 or so) I experimented with using a number of different NAS platforms as Time Machine destinations including at that time FreeNAS as well as some commercial products ...
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