How to restore hidden Library folder in Time Machine
If you use the Finder's menu "goto" while holding down the Alt, the library folder is visible in the menu:



Select it. The finder shows the content of /Users/&lt;your name&gt;/Library. Now start Time Machine by clicking on its icon in the dock – violà, you have what you want:

 

When you want to access another invisible folder that is not listed in the 'Go' list in Finder you can go to the same folder and choose for 'Go to Folder' or CommandShiftG. Here you can type in any location you want to goto.