With Time Machine, you still have to manually rebuild your system after your drive fails. This is not what Time Machine is for; it's for, "oops, I shouldn't have deleted that file". (Which, incidentally, RAID is not for.)
Even a RAID1 failure requires you to have a replacement (ie, trip to Fry's). A bootable backup, however slow, is just there.
Also, you don't immediately need a replacement drive: RAID1 boots fine with only one device. Assuming your company policy is to have RAID1'd SSDs for all developers, you're probably going to have extras on the shelf anyway.
Time machine is for accidental data loss. RAID is for disk failures.
A nightly differential bootable system image backup a la SuperDuper, Macrium Reflect, Acronis or the like + cheap external 3TB drive = zero downtime... if the SSD fails, boot from external, and schlep it while the SSD is repaired/replaced.
Time Machine is bonus for lost/overwritten local files. Source Control guards the jewels (you don't fear committing untested code to local branch, do you?)
I think there are two requirements here: 1) redundancy of work in progress and 2) change control management. I want my work in progress to be relatively safe from failures, I want it to be automatic and I want to be able to choose which changes are worthy of their own revision number in version control. Personally, when committing work in progress I want my revisions to represent a logical stopping point and not necessarily dictated by how much time has elapsed since the last commit.
That way if you go down you can just swap the drive out and be on your way again.
This is what we do (and we have a lot of hard drive churn due to heavy use) and it works well.
For Linux / Windows folks, SuperMicro has a nice tower that has 4 hot swap hard drive bays that I really like.
Speaking only for myself... I have a gold disk plus a little script that syncs scripts and configs to backups. And I use Chrome logged into my Google account.
I do see your point, but a lot of it can be mitigated.
Well, our air-conditioner went out for 3 days in the middle of a Japanese summer, and the RAID controller itself shorted out, taking the drives with it. My boss still doesn't understand how we lost our data, because "RAID was supposed to protect our data."
Since the code should be in a source control system, I don't see the point of this. RAID5 (increased redundancy and throughput) maybe, but even then you're increasing the chances of failure (the RAID hardware itself can fail) and you're not gaining much (if any) in the way of IOPS, which will be your biggest issue.