If anybody know any Apple insider (wink @MacSparky ), please please ask them to bring back the ability to create HFS+ Encrypted disk volumes. The feature has been missing since Big Sur. Moreover creating HFS+ unencrypted and then encrypting it afterwards would convert the file system to APFS.
On the other hand APFS volumes’ performance is really bad with rotational drives. It mounts really slow. Worse it may not even mount at all after several hours on an almost full Time Machine partition. The guy at Carbon Copy Cloner had done a good analysis on APFS’ (non) performance on rotational drives.
If you do have an insider contact, feel free to cite my feedback FB9738554 - sysdiagnose included.