When inheriting a backup with a new machine, will Time Machine deduplicate my data?

I have an APFS-formatted drive with a year or so of Time Machine backup from my old machine. I now got a new Mac. When setting it up, I did not migrate any system files or users, instead copying user files manually for a fresh start. So in Time Machine's eyes it's a brand-new machine. Now I should, of course, be able to inherit/associate the old backups to the new machine (as plenty of threads on this site discuss). I was wondering, though, when told to inherit, will Time Machine deduplicate its data, i.e., automatically detect files that are the same and only use new space for those that have changed, or will it create an entirely new copy of all data? Because if the latter is true, then what's the point of inheriting? I could just create a new APFS volume to back up my new Mac and leave the other volume untouched. In other words, will I save any space on the backup drive if I inherit the old Time Machine backups? Or are there any other possible benefits?