It has it's uses.
But as any backup solution: Not a singular.
A proper backup concept has at least 3 copies on at least 2 different medias (types or amount matters only slightly) and one is not at the location of the original.

Veeam (a backup vendor) has expanded on it with 3-2-1-1-0.
1 = 1 Backup target is an immutable technology
0 = 0 errors on the backup (which expects a validation)

And I honestly like the idea.