Formatted External Hard Drive

I have a brand new MacBook Air and used my Time Machine backup files to migrate from an older MacBook Pro to the new MacBook Air. After migrating the latest backup file, and verified the migration is complete, I erased the external and now want to start backup files on the same external hard drive(LaCie 1 TB). Should I format this external? If so, what file format would be applicable for the MacBook Air with an M1 Chip and Big Sur OS 11.2.2?