best practice formatting external SSD on a Mac

I recently bought an 8tb Oyen Digital Helix SSD that I plan to use to edit a documentary on Premiere Pro 2023. I'm using mac OS Monterey Version 12.4. I'm on a Mac Studio 2022 Apple M1 Max Chip. What Mac format works best with Premiere Pro 2023? I won't be sharing files with a Windows computer. I was considering using Mac OS extended (Journaled) to format my new drive. Are there any disadvantages? Is that the best format? Thanks!