The IoX backup has been refined, it now takes a second or two to completely backup up your entire system. It's a must do in case you ever need to restore a failed system. The backup includes all your devices, programs and configuration settings. Everything you need to restore or replace a system.
If you have the UD Zwave/Matter dongle installed, then this requires a separate backup
The topology report provides you with a useful overview of your devices and scenes. It also includes any notes you may have entered for a specific device.
Polyglot (PG3) has its own backup, no caveats, just do it.
The backup process is like fire insurance, hopefully you'll never need it, but if you do you'll be glad you have it.