Keep three copies of your data, on two different kinds of storage, with one copy off site. For most WordPress sites that means the live site, a backup on the host, and an encrypted backup somewhere else entirely.

Host backups are useful but share the same failure points as your site: same account, same provider, same login. An off-site backup protects you when the host itself is the problem.

Finally: test a restore. A backup you have never restored is only a hope.