Best alternative for Tuxera NFS

I suppose you meant Tuxera NTFS.

A long time player in this area is Paragon.

Microsoft NTFS for MacParagon Softwarehttps://www.paragon-software.com › home › ntfs-mac

Disclaimer: I have not used either Tuxera or Paragon software, but they have been present for a long time.

While reformatting is DESTRUCTIVE, changing the drive format to exFAT would allow read/write access by Mac, Windows, Linux, etc… without needing 3rd party drivers.

You are correct. The issue both have on modern M-series Macs is the challenge of installing kernel extensions - although that is somewhat less of an issue on Intel Macs.