For now I would avoid burdening yourself with concern about it. I would become concerned if you needed to download something, and found you could not due to lack of space.
Apple has been their usual tight-lipped self on the subject and has yet to explain the way it works to anyone's satisfaction. Reasons are likely to involve maintaining IP security regarding their highly proprietary Apple File System, and the fact they want the flexibility to change things at their whim without having to explain or justify their decisions to anyone. They do that a lot. It has also become apparent they consider unused system resources (such as memory and storage) wasted resources. So it's not surprising that if you have a lot of storage, macOS is going to use it.
Of course users must always have control of the storage they paid for, so if you need it, your needs should come first. There will always be some "free storage space" (to use Apple terminology) but they don't discuss just how much that is. In the past, they hinted at a value expressed in xx GB or yy% free space, but those documents have been removed. Today, the only hint is that occupied space becomes relinquished when it is "needed for other things": About Time Machine local snapshots - Apple Support.
I still need to get a good external drive to start using Time Machine. I'd rather not leave it hooked to the MacBook all the time. I can just connect it once a week for the backup, yes?
Yes. While it waits for that backup disk to be connected, TM will continue to back up using its own source volume as a temporary destination. It's perfectly ok to connect a backup disk every once in a while, because those "local snapshots" are real, completely restorable system backups. The obvious concern is that the startup disk or the entire Mac might suffer a catastrophic failure. Recovering from such a catastrophic event would require restoring an external backup.