Layered / faceted navigation is probably the most common Magento SEO issue and it’s also probably the most detrimental.

I would recommend instead using the noindex, follow meta robots tag, which tells search engines not to index the pages, but to still follow the links. You should still have the canonical tag, however I’ve seen very few cases where it’s prevented over-indexation issues when it’s not been added from the start. I’ve also seen plenty of cases where the canonical tag has been implemented from day one of an ecommerce launch, however the pages have still been indexed and lead to duplicate content issues.

In the event that you’re having issues with crawl budget, I would recommend using the robots.txt to block the pages.