Is Time Machine sufficient in the case of a reformat?
Time Machine will be able to restore all files.
Depending on what you want to restore, you may restore the whole partition or only single files or folders.
Setting up Time Machine you may choose which folders or files to exclude from the backup.


Here is an example of the Time Machine UI:



You may navigate with the Time Machine.app in your Time Machine backup similar like the Finder does on your Mac. You have a third dimension representing time though. If you click on the up arrow you'll move backwards in time. This is also indicated on the time scale on the bottom right side.

If you now want to restore just the blue Adobe folder highlight it and click "Restore" and it will be copied to your main volume overwriting any previous file/folder there.