Parallels 13 and restoring hard drive - Time machine vs. cloning

Present config: Mac OS 10.12.6 on late 2009 iMac, Win 7 Prof. , Parallels 13
I do not plan on upgrading to High Sierra at this time.
I will be installing 513 gb SSD in place of hard drive and will be using OWC temp. sensor as well.
Questions:
1) Assuming proper installation of new drive, will the Command + R function restore the entire contents of my Time Machine back-up to include Parallels 13 and Windows 7 to the new drive?
2) What are the advantages or disadvantages to a Time Machine restore vs. a drive cloning in the above configuration?
3) Any formating issues that I need to be aware of?

Thanks for help......!