The best format for generic cases and in the context of ParaView is our own XML based format.
https://vtk.org/wp-content/uploads/2015/04/file-formats.pdf
That being said, ParaView can read many file format, including column-based text file format like you described, it is not the most efficient though, especially for time varying data.
https://www.paraview.org/Wiki/ParaView/Users_Guide/List_of_readers