I have used external drives for backups, once it became practical over CD/DVD! The drive is typically only powered up for the backup. That is normally weekly to run SyncToy for important data, and quarterly for an image backup.
I currently have a 3TB WD MyBook from about 2016. When I did yesterday’s SyncToy backup, it seemed to lag a bit in one area, and there was a warning (not error) logged in the Event Viewer: disk, Event ID 153, The IO operation at logical block address 0xb5738380 for Disk 1 (PDO name: \Device\00000083) was retried.
Not certain if the drive could be starting to have problems. Haven’t had time to try and do something like a CHKDSK /R yet. Used HWINFO to check the SMART data. Everything is marked as green, but it’s hard to figure out what some of the values really mean.

The drive is pretty full anyways, with only about 190GB free. The computer I back up from is 1TB, but there are typically 4 Macrium image backups on it.
I may decide to replace it anyways. I’ll probably be buying a new computer sometime this year due to the end of Win10 support. At the moment, may get another MyBook, just bigger. Probably 8TB, as prices jump sharply after that. It does state it’s pre-formatted as exFAT. Not sure if that is still OK, or if I should reformat to NTFS.