Time Machine does some pretty impressive mojo under the hood with filesystem notifications and hard linking. It’s possible it could have some obscure bug that would bite at the worst moment, but I’ve yet to hear about anything, and anecdotally it’s worked well for me to do a full OS restore, and grab a couple old incarnations of single files.
Not sure what that missing 14 GB is, but (a) swapfiles and cache files don’t get backed up, and (b) sometimes different drives/filesystems have different block sizes, so files of identical bits can be different sizes on the drive (not sure if this is still the case with Journaled HFS+). Maybe there’s also some kind of on-the-fly compression?