GUID Partition Map is really the only one that makes sense for a M series Mac, I think. And according to what I was able to find online, 100MB/s is within spec for a Transcend 2TB HDD (albeit at the lower end of spec). If you are using the Transcend for original photo images (not the catalog), getting the maximum speed out of the drive doesn’t matter so much, since original image files aren’t accessed that often.
It would be interesting to see a screenshot of Disk Utility, and even better if you select Show all devices from the View menu before you take the screenshot. Be sure to have selected the highest (outmost) entry of the Transcend drive selected/highlighted when you take the screenshot. If you have more than one volume on the Transcend drive, highlight each volume in turn and take a screenshot of Disk Utility for each volume.
BTW, EXFAT doesn’t support modern techniques for minimizing corruption if a drive loses power during a write operation, doesn’t support Trash, is incompatible with Time Machine, and doesn’t support volume snapshotting, and personally I wouldn’t prioritize marginally faster transfer speeds over these considerations. (But YMMV!)