No, Time Machine is only compatible with drives that are formatted as HFS+ or APFS.
Using an NTFS-formatted external hard drive on a Mac can be a challenge, but there are several methods that you can use to gain write support and access your files. Whether you choose to install third-party file system drivers, use Disk Utility, or use Terminal commands, it's important to make sure that you're using a reliable and safe method that won't cause any data loss or corruption. With the right method and a bit of technical know-how, you can easily transfer files between Mac and Windows computers using your NTFS-formatted external hard drive.